1. Summary Information

		Country	India
Company Name	TOPSUN ENERGY LIMITED	Principal Name 1	Mr. Alpeshkumar Dineshchadra Patel
Status	Satisfactory	Principal Name 2	Mr. Chintan Gandabhai Patel
		Registration #	04-051489
Street Address	B-101, GIDC, Electronic Zone, Sector - 25, Gandhinagar – 382 028, Gujarat, India
Established Date	10.08.2007	SIC Code	--
Telephone#	91-79-23288804/23288805	Business Style 1	Manufacturer
Fax #	91-79-23288805	Business Style 2	--
Homepage	www.topsunenergy.com	Product Name 1	Solar Panel
# of employees	Not Available	Product Name 2	--
Paid up capital	Rs. 13,558,000 /-	Product Name 3	--
Shareholders	Directors or relatives of Directors – 100%	Banking	Union bank of India
Public Limited Corp.	No	Business Period	6 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (49)
Related Company
Relation	Country	Company Name	CEO
Related Parties	India	Vimal Controls	--
Note

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	112,539,000	Current Liabilities	68,370,000
Inventories	9,244,000	Long-term Liabilities	37,453,000
Fixed Assets	23,399,000	Other Liabilities	5,301,000
Deferred Assets	0,000	Total Liabilities	111,124,000
Invest& other Assets	1,805,000	Retained Earnings	11,805,000
		Net Worth	35,863,000
Total Assets	146,987,000	Total Liab. & Equity	146,987,000
Total Assets (Previous Year)	86,291,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	356,075,000	Net Profit	11,537,000
Sales(Previous yr)	232,970,000	Net Profit(Prev.yr)	6,003,000

MIRA INFORM REPORT

Report Date :

11.07.2013

IDENTIFICATION DETAILS

Name :	TOPSUN ENERGY LIMITED
Registered Office :	B-101, GIDC, Electronic Zone, Sector - 25, Gandhinagar – 382 028, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.08.2007
Com. Reg. No.:	04-051489
Capital Investment / Paid-up Capital :	Rs. 13.558 Millions
CIN No.: [Company Identification No.]	U31900GJ2007PLC051489
TAN No.: [Tax Deduction & Collection Account No.]	AHMT02687G
PAN No.: [Permanent Account No.]	AACCT7455P
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Solar Panel.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Maximum Credit Limit :	USD 143000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “Vimal group”. It is an established company a satisfactory track record. The company has recorded a significant increase in the sales turnover as well as net profitability during 2012. Liquidity position appears to be good. Trade relations are fair. Business is active. Payment terns are reported as usually correct. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification-
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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/Factory :	B-101, GIDC, Electronic Zone, Sector - 25, Gandhinagar – 382 028, Gujarat, India
Tel. No.:	91-79-23288804/23288805
Fax No.:	91-79-23288805
E-Mail :	CHPATEL@TOPSUNENERGY.COM info@topsunenergy.com marketing@topsunenergy.com
Website :	www.topsunenergy.com

DIRECTORS

As on 29.09.2012

Name :

Mr. Alpeshkumar Dineshchadra Patel

Designation :

Director

Address :

11-15, Sardarsham Dediyasan Housing Zine, Mehsana – 384002, Gujarat, India

Date of Appointment :

23.08.2007

DIN No.:

00290925

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	U29246GJ2002PTC040930	DHRUVI ROAD EQUIPMENT PRIVATE LIMITED	Director	01/10/2002	01/10/2002	01/02/2010	Active	NO
2	U31900GJ2007PLC051489	TOPSUN ENERGY LIMITED	Director	23/08/2007	23/08/2007	-	Active	NO
3	U50300GJ2012PTC072914	TOPSUN MOTORS PRIVATE LIMITED	Director	06/12/2012	06/12/2012	-	Active	NO
4	U24231GJ1987PLC009664	ALICID ORGANIC INDUSTRIES LIMITED	Additional director	21/02/2013	21/02/2013	-	Active	NO

Name :

Mr. Dineshchandra Lilachand Patel

Designation :

Director

Address :

4-13/14, Sardarsham Dediyasan Housing Zone, Mehsana – 384002, Gujarat, India

Date of Appointment :

10.08.2007

DIN No.:

00353785

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	U24231GJ1987PLC009664	ALICID ORGANIC INDUSTRIES LIMITED	Director	10/10/1991	10/10/1991	-	Active	NO
2	U31900GJ2007PLC051489	TOPSUN ENERGY LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO

Name :

Mr. Chintan Gandabhai Patel

Designation :

Director

Address :

Plot No. 8-26, GIDC Housing Sector No. 26, Gandinagar – 382026, Gujarat, India

Date of Appointment :

10.08.2007

DIN No.:

01660438

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	U31900GJ2007PLC051489	TOPSUN ENERGY LIMITED	Managing director	23/08/2007	10/08/2007	-	Active	NO
2	U91100GJ2008NPL052751	GANDHINAGAR ELECTRONICS ZONE INDUSTRIES ASSOCIATION	Director	01/08/2008	19/06/2008	-	Active	NO

Name :

Mr. Kalpeshkumar Dahyabhai Patel

Designation :

Director

Address :

40 Krishna Society, Jail Road, Mehsana – 384002, Gujarat, India

Date of Appointment :

10.08.2007

DIN No.:

01660470

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	U31900GJ2007PLC051489	TOPSUN ENERGY LIMITED	Director	10/08/2007	10/08/2007	-	Active	NO
2	U24231GJ1987PLC009664	ALICID ORGANIC INDUSTRIES LIMITED	Additional director	02/01/2012	02/01/2012	-	Active	NO
3	U50300GJ2012PTC072914	TOPSUN MOTORS PRIVATE LIMITED	Director	06/12/2012	06/12/2012	-	Active	NO

Name :

Mr. Chanakyakumar Himmatlal Patel

Designation :

Director

Address :

Plot Ni. 35-B, GIDC Housing Zone, Sector 26, Gandinagar – 382026, Gujarat, India

Date of Appointment :

23.08.2007

DIN No.:

01719202

MAJOR SHAREHOLDERS

As on 29.09.2012

Names of Shareholders	No. of Shares
Chandubhai Patel	50000
Bhanuprasad A. Patel	10000
Mahendra S. Patel	140000
Nisha P. Patel	10000
Hinaben P. Patel	10000
Madhuben D. Patel	75000
Jayshreeben H. Patel	10000
Kalpesh D. Patel	92000
Dahyabhai S. Patel	78000
Kantaben D. Patel	72500
Jagrutiben K. Patel	11000
Chintan G. Patel	137000
Dineshchnadra L. Patel	180000
Bhavanaben C. Patel	30000
Kantibhai S. Patel	10000
Mangaldas J. Patel	10000
Rameshbhai S. Patel	26150
Gunvantibhai S. Patel	32650
Alpeshbhai D. Patel	55000
Chankya H. Patel	140000
Ankita A. Patel	120000
Deepakkumar C. Patel	20000
Kantibhar B. Patel	6500
Pradipbhai C. Patel	62500
Jigishaben P. Patel	62500
Sonalben J. Patel	62500
Jayeshbhai C. Patel	50000
Dasrathbhai B. Patel	10000
Amrutaben S. Patel	10000
Kantaben C. Patel	62500
Total	1645800

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Solar Panel.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Union Bank of India, Jodhpur Tekra Branch, Shivrajani Cross Road, Ahmedabad – 380015, Gujarat, India
• The Mehsana Urban Co-op Bank Limited, Urban Bank Road, highway, Mehsana – 384002, Gujarat, India
• Bank of India
• ICICI Bank Limited

Facilities :

Secured Loans	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
From Bank –
Plant and machinery Loans (Secured against equitable mortgage of factory land and hypothecation over plant and machinery to be created cut of term loan and personal guarantee of the director)	7.699	10.227
Vehicle Loan (Secured against vehicles) (Terms of repayment Monthly / Quarterly)	1.421	0.000
Short Term Borrowings
From Bank
Working Capital facilities (Secured by Hypothecation of stocks, receivable and current assets of the entire unit, fixed deposits receipts and personal guarantee of the director.)	23.138	24.572
Total	32.258	34.799

Banking Relations :	--
Auditors :
Name :	Haresh S. Kansara and Company Chartered Accountants
Address :	82, Apna Bazar, Vimal Super Market, S.T. Workshop Road, Mehsana – 384002, Gujarat, India
Tel. No.:	91-2762-254256
E-Mail :	ravidhihsk@yahoo.in
PAN No.:	ABVPK2140D
Related parties :	Vimal Controls (Jointly Promoted Firm) Vimal Electronics (Jointly Promoted Firm) Vimal Electric Company (Jointly Promoted Firm)

CAPITAL STRUCTURE

As on 29.09.2012

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
1645800	Equity Shares	Rs. 10/- each	Rs. 16.458 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs. 10/- each	Rs. 20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1355800	Equity Shares	Rs. 10/- each	Rs. 13.558 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	13.558	9.958
(b) Reserves & Surplus	11.805	1.639
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	10.500	0.000
Total Shareholders’ Funds (1) + (2)	35.863	11.597
(3) Non-Current Liabilities
(a) long-term borrowings	14.315	22.339
(b) Deferred tax liabilities (Net)	2.102	1.632
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	16.417	23.971
(4) Current Liabilities
(a) Short term borrowings	23.138	24.572
(b) Trade payables	40.587	8.798
(c) Other current liabilities	27.783	15.775
(d) Short-term provisions	3.199	1.578
Total Current Liabilities (4)	94.707	50.723
TOTAL	146.987	86.291
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	23.399	21.544
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1.805	1.805
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	1.901	2.337
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	27.105	25.686
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	9.244	29.320
(c) Trade receivables	102.524	28.803
(d) Cash and cash equivalents	2.029	1.753
(e) Short-term loans and advances	5.995	0.608
(f) Other current assets	0.090	0.121
Total Current Assets	119.882	60.605
TOTAL	146.987	86.291

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		9.958
2] Share Application Money		0.000
3] Reserves & Surplus		(2.350)
4] (Accumulated Losses)		0.000
NETWORTH		7.608
LOAN FUNDS
1] Secured Loans		21.787
2] Unsecured Loans		8.155
TOTAL BORROWING		29.944
DEFERRED TAX LIABILITIES		0.667
TOTAL		38.217
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		13.817
Capital work-in-progress		0.000
INVESTMENT		0.975
DEFERRED TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	23.178
	Sundry Debtors	10.644
	Cash & Bank Balances	0.573
	Other Current Assets	0.000
	Loans & Advances	0.813
Total Current Assets		35.208
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	10.594
	Other Current Liabilities	0.000
	Provisions	1.339
Total Current Liabilities		11.933
Net Current Assets		23.275
MISCELLANEOUS EXPENSES		0.150
TOTAL		38.217

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	356.075	232.970	82.565
		Other Income	4.306	1.412	2.122
		TOTAL (A)	360.381	234.382	84.687
Less	EXPENSES
		Cost of material consumed	292.650	191.123	56.699
		Changes in inventory of finished goods, work-in-progress, stock-in-trade	(1.739)	-0.948	0.000
		Employee benefit expenses	8.455	4.828	0.000
		Increase/decrease in stock	0.000	0.000	7.669
		Manufacturing Expenses	0.000	0.000	3.488
		Administrative and selling expenses	0.000	0.000	10.548
		Directors Remuneration	0.000	0.000	0.540
		Other Expenses	37.190	23.988	0.000
		TOTAL (B)	336.556	218.991	78.944
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		23.825	15.391	5.743
Less	FINANCIAL EXPENSES (D)		10.892	8.343	4.789
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		12.933	7.048	0.954
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1.396	1.045	0.857
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		11.537	6.003	0.097
Less	TAX (H)		1.371	2.014	0.432
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		10.166	3.989	(0.335)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1.639	(2.350)	(2.015)
	BALANCE CARRIED TO THE B/S		11.805	1.639	(2.350)
	Earnings Per Share (Rs.)		7.50	4.01	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.24	2.58	(0.39)
Net Profit Margin (PBT/Sales)	(%)	2.24	2.58	0.12
Return on Total Assets (PBT/Total Assets}	(%)	9.47	9.53	0.20
Return on Investment (ROI) (PBT/Networth)		0.32	0.52	0.01
Debt Equity Ratio (Total Debt /Networth)		1.04	4.05	3.94
Current Ratio (Current Asset/Current Liability)		1.27	1.19	2.95

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	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 LOANS:

Particulars	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Loans and Advances from Related Parties	5.195	12.112
Total	5.195	12.112

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31900GJ2007PLC051489
Name of the company	TOPSUN ENERGY LIMITED
Address of the registered office or of the principal place of business in India of the company	B-101, GIDC, Electronic Zone, Sector - 25, Gandhinagar – 382 028, Gujarat, India Email ID : CHPATEL@TOPSUNENERGY.COM
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Union bank of India, Jodhpur Tekra Branch, Shivrajani Cross Road, Ahmedabad – 380015, Gujarat, India Email ID : cbsjodhpurtekra@unionbankofindia.com
Nature of instrument creating charge	Joint deed of hypothecation
Date of instrument Creating the charge	11.02.2013
Amount secured by the charge	Rs. 377.900 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge The Charge operate as first Charge on Pari Passu basis on company's movable property to secure various fund based and Non fund Based Credit Facilities aggregating to Rs. 377.900 Millions .

FIXED ASSETS:

• Computers
• Vehicle
• Plant and Machinery
• Dead Stock
• Building Construction

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. 60.13
UK Pound	1	Rs. 89.52
Euro	1	Rs. 76.89

INFORMATION DETAILS

Report Prepared by :

VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.