MIRA INFORM REPORT

Report Date :

16.01.2013

IDENTIFICATION DETAILS

Name :	L AND T – MHI BOILERS PRIVATE LIMITED (w.e.f.18.04.2007)
Formerly Known As :	L AND T BOILERS PRIVATE LIMITED
Registered Office :	L and T House, Ballard Estate, Mumbai - 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	09.10.2006
Com. Reg. No.:	11-165102
Capital Investment / Paid-up Capital :	Rs. 2201.000 Millions
CIN No.: [Company Identification No.]	U29119MH2006PTC165102
PAN No.: [Permanent Account No.]	AABCL2635C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Designer of Super Critical Steam Generators.
No. of Employees :	2000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (62)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5170000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a Joint Venture between Larsen Toubro Limited, India and Mitsubishi Heavy Industries Limited, Japan. It is a well established and reputed company having fine track record. There appear some accumulated losses recorded by the company which seems to be reducing over the years. The company receives good operational and financial support from the Group Companies. Directors are reported to be well experienced and respectable businessmen. Trade relations are fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings 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

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	CRISIL
Rating	Term Loan : AA-
Rating Explanation	The high credit quality it carry low credit risk.
Date	May 11, 2012

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. Anand Vade
Designation :	Finance Department
Contact No.:	91-9913605561
Date :	16.01.2013

LOCATIONS

Registered Office :	L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India
Tel. No.:	91-22-67525617 / 67525656
Mobile No.:	91-9913605561 [Mr. Anand Vade]
Fax No.:	91-22-67525893 / 67525858
E-Mail :	ss-sec@lth.itindia.com subhodh.shetty@larsentoubro.com ccd@lth.ltindia.com
Website :	http://www.plm.automation.siemens.com http://www.L&TPower.com http://www.larsentoubro.com
Head Office ;	L and T Technology Centre, 1st Floor, Pankaj Building, NH-8, Chhani Road, Vadodara-390024, Gujarat, India
Tel. No.:	91-265-2451600 / 2600
Fax No.:	91-265-2452224
Website	www.lntmhi.com
Factory:	Hazira Manufacturing Complex-West, Surat Hazira Road, P.O. Bhatha, Surat- 394510,Gujarat, India
Tel No.:	91-261-2808500
Fax No.:	91-261-2808641
Engineering and Marketing Office :	12/4 Delhi Mathura Road, Near Sarai Khwaja Chowk, Faridabad-121003, Haryana, India
Tel No.:	91-129-4291000
Fax No.:	91-129-4291222
E-mail :	siddharth.gupta@lntpower.com

DIRECTORS

AS ON 27.08.2012

Name :	Mr. Ravi Uppal
Designation :	Director
Address :	No. 484, 9^th Main, 3^rd Cross, HAL II Stage, Indira Nagar, Bangalore - 560008, Karnataka, India
Date of Birth/Age :	09.05.1952
Date of Appointment :	17.02.2009
DIN No.:	00025970
Name :	Mr. Yozaburo Mabuchi
Designation :	Director
Address :	2-33-13, Shiroyamadai, Nagasakishi, Nagasaki-ken, Nagasaki
Date of Birth/Age :	04.10.1951
Date of Appointment :	28.05.2007
DIN No.:	01585780
Name :	Mr. Masayuki Kubo
Designation :	Director
Address :	3-18-11, Daiyarando, Nagasakishi, Nagasaki-Ken, Nagasaki, Japan
Date of Birth/Age :	15.08.1952
Date of Appointment :	28.05.2007
DIN No.:	01585730
Name :	Mr. Amarjit Lamba Singh
Designation :	Whole-time director
Address :	2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, India
Date of Birth/Age :	01.06.1952
Date of Appointment :	24.05.2012
DIN No.:	05284078
Name :	Mr. Sravankumar Venkata Satya Yeleswarapu
Designation :	Director
Address :	Flat No. 801, Verona, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Birth/Age :	24.02.1960
Date of Appointment :	27.01.2012
DIN No.:	01080060
Name :	Hideshi Kawamoto
Designation :	Director
Address :	Koudagou, 1196-135, Nagayocho, Nishisonokigun, Japan
Date of Birth/Age :	07.02.1962
Date of Appointment :	26.04.2012
DIN No.:	05256959
Name :	Hidetoshi Aiki
Designation :	Whole-time director
Address :	Ono-Cho-1-7-7-6, Kanagawaku, Yokohama, Japan
Date of Birth/Age :	01.08.1957
Date of Appointment :	24.05.2012
DIN No.:	05284075

KEY EXECUTIVES

Name :	Mr. Kundan Jha
Designation :	Assistant to Chief Executive Officer
Name :	Mr. Amarjit Singh Lamba
Designation :	Manager
Address :	2439, Sector-C, PKT-2, Vasant Kunj, New Delhi-110070, India
Date of Birth/Age :	01.06.1952
Date of Appointment :	14.07.2008
PAN No.:	AAAPL1048B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 27.08.2012

Names of Shareholders	No. of Shares
Larsen and Toubro Limited, India	119391000
Mitsubishi Heavy Industries Limited, Japan	114709000
Total	234100000

AS ON 31.08.2012

Names of Allottees	No. of Shares
Larsen and Toubro Limited, India	7140000
Mitsubishi Heavy Industries Limited, Japan	6860000
Total	14000000

AS ON 27.08.2012

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]	49.00
Bodies corporate	51.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Designer of Super Critical Steam Generators.

Products :

ITC Code	Product Descriptions
84022000	Super Heated Water Boilers
84041000	Boilers Auxiliary Plant for use with Boilers

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Pressure parts for Super Heated Water boilers	Metric Tonnes	Not Available	6875	832.03

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

Ø Canara Bank, 104, Jyoti Commercial Complex, Near Shyamal Cross Road, Vejalpur, Ahmedabad – 380015, Gujarat, India

Ø Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India

Ø ICICI Bank Limited, Landmark Race Course Circle, Alkapuri, Baroda – 390015, Gujarat, India

Facilities :

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee term loans from banks	4807.177	2107.555
Short-term	0.001	0.000
Total	4807.178	2107.555

Banking Relations :	--
Auditors :
Name :	Sharp and Tannan Chartered Accountants
Address :	742, Parsi Colony, Road No. 5, Dadar, Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-22047722/ 23/ 66338343/ 47
Fax No.:	91-22-66338352
E-Mail :	sharp@bom3.vsnl.net.in
Income-tax PAN of auditor or auditor's firm :	AAAFS2967E
Holding Company :	Ø Larsen and Toubro Limited [L99999MH1946PLC004768] Ø Mitsubishi Heavy Industries Limited
Fellow Subsidiary :	Ø L and T-MHI Turbine Generators Private Limited [U31101MH2006PTC166541] Ø L and T-Sargent and Lundy Limited [U74210MH1995PLC088099] Ø L and T Infrastructure Finance Company Limited [U67190TN2006PLC059527] Ø L and T Howden Private Limited [U31401MH2010PTC204403] Ø Larsen and Toubro Infotech Limited [U72900MH1996PLC104693] Ø L and T Special Steel and Heavy Forgings Private Limited [U27109MH2009PTC193699] Ø L and T Power Development Limited [U40101MH2007PLC174071] Ø L and T-Komatsu Limited [U29119MH1997PLC109700] Ø Nabha Power Limited [U40102PB2007PLC031039] Ø Mitsubishi Heavy Industries India Private Limited [U29299DL2005PTC133062] Ø Ewac Alloys Limited [U74999MH1962PLC012315]

CAPITAL STRUCTURE

AS ON 27.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
235,000,000	Equity Shares	Rs. 10/- each	Rs. 2350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
234,100,000	Equity Shares	Rs. 10/- each	Rs. 2341.000 Millions

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
235000000	Equity Shares	Rs. 10/- each	Rs. 2350.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
220100000	Equity Shares	Rs. 10/- each	Rs. 2201.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		2201.000	2201.000	1501.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	(69.404)
4] (Accumulated Losses)		(907.320)	(1045.384)	(494.812)
NETWORTH		1293.680	1155.616	936.784
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		4807.178	2107.555	392.552
TOTAL BORROWING		4807.178	2107.555	392.552
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6100.858	3263.171	1329.336
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		4790.343	2818.291	1254.233
Capital work-in-progress		276.501	388.045	775.549
INVESTMENT		985.630	3298.325	2845.883
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3682.379	2157.080	7.147
	Sundry Debtors	14411.787	2778.237	418.635
	Cash & Bank Balances	218.599	1435.835	1407.263
	Other Current Assets	3464.832	8661.465	0.000
	Loans & Advances	3806.446	4484.321	691.283
Total Current Assets		25584.043	19516.938	2524.328
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4619.172	1879.689	403.504
	Other Current Liabilities	20880.298	20847.017	5650.262
	Provisions	36.189	31.722	16.891
Total Current Liabilities		25535.659	22758.428	6070.657
Net Current Assets		48.384	(3241.490)	(3546.329)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6100.858	3263.171	1329.336

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	24478.700	10642.400	338.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	24145.000	11054.400	620.800
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		333.700	(412.000)
Less/ Add	DEPRECIATION/ AMORTISATION		222.700	111.600
	PROFIT/ (LOSS) BEFORE TAX		111.000	(523.600)	(282.800)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		111.000	(523.600)	(282.800)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1018.400)	(521.800)	N.A.
	BALANCE CARRIED TO THE B/S		(907.400)	(1018.400)	(521.800)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	18031.300	129.800	0.000
	Earnings/ (Loss) Per Share (Rs.)		0.50	(2.37)	(2.29)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.45	(4.92)	(83.67)
Return on Total Assets (PBT/Total Assets}	(%)	0.37	(2.34)	(7.48)
Return on Investment (ROI) (PBT/Networth)		0.09	(0.45)	(0.30)
Debt Equity Ratio (Total Liability/Networth)		23.45	21.52	6.90
Current Ratio (Current Asset/Current Liability)		1.00	0.86	0.42

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

Particulars	31.03.2012	31.03.2011	31.03.2010
	(Rs. In Millions)
Micro and small enterprises
Amounts due to MSMED	61.655	56.796	18.482
Interest accrued and due to MSMED suppliers	0.583	0.044	0.000
Others	4535.578	1586.434	385.022
Mitsubishi Heavy Industries Limited	6.173	236.415	0.000
Mitsubishi Heavy Industries India Private Limited	15.183	0.000	0.000
Total	4619.172	1879.689	403.504

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	Yes
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	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	Yes

PERFORMANCE OF THE COMPANY

The gross sales and other income for the financial year were Rs. 24478.700 Millions as against Rs. 10642.400 Millions for the previous financial year registering an increase of 130%.

The profit after tax for the financial year was Rs. 111.000 Millions as against losses of (-) Rs. 523.600 Millions for the previous financial year.

The manufacturing facility of the Company at Hazira, Surat has completed installation and commissioning of machinery required for achieving production of 4GW per annum and has also increased its talent pool to meet the challenges of its growing business opportunities. The continuous focus on training of people and adopting best manufacturing processes are expected to add significantly to its ability to meet the requirements of complex jobs. The Company has been recommended for ISO 14001:2004 certification for Environment Management Systems. The Company has been certified with OHSAS 18001:2007 certification for Occupational Health and Safety Management Systems and Certificates of Authorization from ASME. The current order book position is healthy.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U29119MH2006PTC165102
Name of the company	L AND T – MHI BOILERS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	L and T House, Ballard Estate, Mumbai - 400001, Maharashtra, India Email: subhodh.shetty@larsentoubro.com
This form is for	Modification of charge
Charge identification number of the modified	10244456
Type of charge	Book debts Others [Current assets]
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227 D, Nariman Point, Mumbai - 400021, Maharashtra, India Email: snowin.dsouza@kotak.com CIN No.: L65110MH1985PLC038137
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation
Date of instrument Creating the charge	23.03.2012
Amount secured by the charge	Rs. 5000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the terms in the Bank's Sanction letter Terms of Repayment As per the terms in the Bank's Sanction letter Margin As per the terms in the Bank's Sanction letter Extent and Operation of the charge First pari passu charge by way of Hypothecation on all existing and future Current assets of the Borrower to be shared with ICICI Bank and Canara Bank, in favour of Kotak Mahindra bank as security for repayment of financial facilities granted by the Bank to the Borrower.
Short particulars of the property charged	All existing and future Current assets of the Borrower to be shared with ICICI Bank and Canara Bank, more particularly described in Schedule II to the Supplemental Deed of Hypothecation.
Date of Modification	08.01.2011
Particulars of the present modification	Bank had granted facilities of Rs. 2500.000 Millions which was secured by Hypothecation of Current Assets of the Borrower on 21.09.2010. KMBL had enhanced total facilities to Rs.5000.000 Millions secured by all existing and future Current assets of the Borrower shared with ICICI bank on 08.01.2011. Now additional credit facilities are sanctioned within the overall limit of Rs.5000.000 Millions and the charge is accordingly modified and shared with Canara Bank and ICICI bank.

FIXED ASSETS:

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Computer Software

· Technical Know-how

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. 54.54
UK Pound	1	Rs. 87.69
Euro	1	Rs. 72.85

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--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
TOTAL		62

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.