MIRA INFORM REPORT

Report Date :

21.06.2013

IDENTIFICATION DETAILS

Name :	B L A POWER PRIVATE LIMITED
Registered Office :	84, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	08.11.2006
Com. Reg. No.:	11-165430
Capital Investment / Paid-up Capital :	Rs. 583.165 Millions
CIN No.: [Company Identification No.]	U40102MH2006PTC165430
Legal Form :	Private Limited Liability Company
Line of Business :	Power Generation
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 4900000
Status :	Recently commenced commercial operations
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a subsidiary of BLA Power Holding Private Limited. Even though the company has been incorporated in 2006, it recently commenced its commercial operations in April 2012. Networth of the company is stable. External borrowings of the company are huge. Trade relations are reported as improving. Business is active. Payment terms are unknown. The company can be considered for business dealings with great caution.

NOTES :

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

ECGC Country Risk Classification List – 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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loans = BB+
Rating Explanation	Moderate risk of default
Date	May 2012

Rating Agency Name	ICRA
Rating	Non Fund Based Limits = A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	May 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.

LOCATIONS

Registered Office / Corporate Office :	84, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra, India
Tel. No.:	91-22-40600700
Fax No.:	91-22-40600705
E-Mail :	compsec@bla.co.in
Website :	http://www.bla.co.in
Factory :	Gadarwara to Bamhori Village Road, Tehsil Gadarwara, District Narsinghpur, Madhya Pradesh, India

DIRECTORS

As on 29.09.2012

Name :

Mr. Anup Agarwalla

Designation :

Managing Director

Address :

55, Ameeta, 7, Gen Bhosle Marg, Mumbai – 400021, Maharashtra, India

Date of Birth/Age :

25.05.1969

Date of Appointment :

04.02.2008

DIN No.:

00056208

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	U74999MH1995PTC086413	BLAENERGY PRIVATE LIMITED	Director	14-03-95	14-03-95	30-03-12	Active	NO
2	U51909MH1974PTC148227	DIPCO EXTRACTION EXPORT HOUSE PRIVATE LIMITED	Director	17-07-02	17-07-02	30-03-12	Active	NO
3	U10200MH1964PTC162314	B L A INDUSTRIES PRIVATE LIMITED	Managing director	17-07-02	17-07-02	-	Active	NO
4	U23101MH2005PTC189826	BLA COKE PRIVATE LIMITED	Director	18-03-05	18-03-05	24-03-11	Active	NO
5	U27100MH2005PTC152082	MA KALI IRON AND STEEL COMPANY PRIVATE LIMITED	Director	21-03-05	21-03-05	23-03-09	Active	NO
6	U13100MH2005PTC152079	SHRI JAGANNATH METALLURGICAL COAL AND COKE PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
7	U13100MH2005PTC152078	OM MINING COMPANY PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
8	U13100MH2005PTC152081	BLA COAL MINING AND WASHERIES PRIVATE LIMITED	Director	21-03-05	21-03-05	-	Active	NO
9	U51109WB1996PLC080158	CASTRON MINING LIMITED	Director	26-09-05	26-09-05	-	Active	NO
10	U51220MH2005PTC153779	ADVAITA FOODS PRIVATE LIMITED	Director	29-09-07	22-01-06	-	Active	NO
11	U40102MH2006PTC165429	B L A CHHATTISGARH THERMAL POWER PRIVATE LIMITED	Director	08-11-06	08-11-06	-	Active	NO
12	U40102MH2006PTC165430	B L A POWER PRIVATE LIMITED	Managing director	14-02-08	08-11-06	-	Active	NO
13	U26943MH2006PTC166539	BLA CEMENT PRIVATE LIMITED	Director	27-12-06	27-12-06	-	Active	NO
14	U40109MH2008PTC178561	ADVAITA HOLDINGS PRIVATE LIMITED	Director	06-02-08	06-02-08	-	Active	NO
15	U67190MH2008PTC179228	B L A POWER HOLDING PRIVATE LIMITED	Director	21-02-08	21-02-08	-	Active	NO
16	U40101MH2008PTC183023	B L A RENEWABLE ENERGY PRIVATE LIMITED	Director	02-06-08	02-06-08	-	Active	NO
17	U67190MH2008PTC187993	CHINMAYA HOLDINGS PRIVATE LIMITED	Director	05-11-08	05-11-08	-	Active	NO
18	U40200HP2009PTC031066	B L A SHALVI HYDRO POWER PRIVATE LIMITED	Director	29-07-10	23-03-09	-	Active	NO
19	U51109WB1995PTC069277	CORBAL SUPPLIERS PRIVATE LIMITED	Director	25-03-09	25-03-09	01-10-09	Active	NO
20	U10200MH2009PTC191479	B L A COAL PRIVATE LIMITED	Director	31-07-10	03-04-09	-	Active	NO
21	U27101MH2009PLC194794	CHINMAYA STEEL AND POWER LIMITED	Director	30-09-10	08-08-09	-	Active	NO
22	U85100MH2009NPL195370	SEVA SAHAYOG FOUNDATION	Director	21-12-09	21-12-09	-	Active	NO
23	U40101HP2011PTC031757	ADVAITA HYDRO POWER PRIVATE LIMITED	Director	19-09-11	19-09-11	-	Active	NO

Name :

Mr. Ramachandra Mukunda

Designation :

Director

Address :

8909 Tuckerman La Potomac Maryland - 20854, United States of America

Date of Birth/Age :

05.10.1958

Date of Appointment :

30.09.2010

DIN No.:

01298117

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	L27109WB1995PLC073700	MBL INFRASTRUCTURES LIMITED	Nominee director	15-02-07	15-02-07	04-02-08	Active	NO
2	U74210KL1982PTC003560	TECHNI BHARATHI Private Limited	Director	30-09-08	27-11-07	-	Active	NO
3	U45201MH1997PTC106275	SRICON INFRASTRUCTURE PRIVATE LIMITED	Director	17-12-07	17-12-07	-	Active	NO
4	U14200TN2008PTC070191	IGC INDIA MINING AND TRADING PRIVATE LIMITED	Director	18-09-09	19-02-09	14-11-11	Active	NO
5	U51109MH2009PTC193607	IGC MATERIALS PRIVATE LIMITED	Director	18-10-10	10-07-09	-	Active	NO
6	U63010MH2009PTC193606	IGC LOGISTICS PRIVATE LIMITED	Director	18-10-10	10-07-09	-	Active	NO
7	U40102MH2006PTC165430	B L A POWER PRIVATE LIMITED	Director	30-09-10	24-08-10	-	Active	NO

Name :

Mr. Karan Singh Parihar

Designation :

Whole-Time Director

Address :

21, Bharat Nagar, Near Indrapuri, J.K.Road, Bhopal – 462021, Madhya Pradesh, India

Date of Birth/Age :

10.01.1949

Date of Appointment :

26.05.2011

DIN No.:

03534679

Name :

Mr. Nagendra Subedar Singh

Designation :

Whole-Time Director

Address :

A/8, Sai Parisar, Urdana Raigarh - 496001, Chhattisgarh, India

Date of Birth/Age :

01.05.1963

Date of Appointment :

03.10.2012

DIN No.:

06394022

KEY EXECUTIVES

Name :	Mr. Rajesh Bhogilal Punjani
Designation :	Secretary
Address :	A-701, Krishna Tower, Sheetal Nagar, Atmaram Savant Marg, Kandivali (East), Mumbai – 400101, Maharashtra, India
Date of Birth/Age :	01.02.1958
Date of Appointment :	01.02.2008
PAN No.:	AAEPP7017J

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

Names of Shareholders	No. of Shares
Anup Agarwalla 55, Ameeta, 7, Gen Bhosle Marg, Mumbai – 400021, Maharashtra, India	1900
B L A Power Holding Private Limited, India 84, Maker Chambers Iii, Nariman Point, Mumbai - 400021, Maharashtra, India	58308100
Central Indian Energy Limited, Singapore 8, Marina, Boulevard, Marina Bay Financial Centre, #05-02, Singapore - 18981	6521
Total	58316521

As on 29.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Power Generation

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Allahabad Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWINGS
Loans from Banks
Term Loan I	1574.663	1361.650
Term Loan II	1650.230	500.200
Total	3224.893	1861.850
Term Loan I (a) Terms of Repayment The Term loan is repayable in 34 equal quarterly instalments commencing after intial moratorium of 1 year from scheduled COD i.e the repayment to start from 01.05.2013. The rate of interest on Term loan is floating in nature link to Base Rate of Lead Bank ( Allahabad Bank) + spread of 4.25% (b) Nature of Security The Term loan is secured by first charge on moveable and immovable assets of the company i.e. land, building, plant and machinery etc. and further secured by pledge of 51% Project Equity share Capital of the company and Corporate Gurantee of Holding Company and Personal Guarantee of Managing Director. Term Loan II (a) Terms of Repayment The Term loan is repayable in 34 equal quarterly instalments commencing after intial moratorium of 1 year from scheduled COD i.e the repayment to start from 01.04.2014. The rate of interest on Term loan is floating in nature Nnked to Base Rate of Lead Bank (Allahabad Bank)+ spread of 4.25% (b) Nature of Security The Term loan is secured by first charge on moveable and immovable assets of the company i.e. land, building, plant and machinery etc. and further secured by pledge of 51% Project Equity share Capital of the company and Corporate Gurantee of Holding Company and Personal Guarantee of Managing Director.

Banking Relations :	---
Financial Institutions :	IFCI Factors Limited, 9^th Floor, IFCI Tower, 61, Nehru Place,, New Delhi - 110019, Delhi, India
Auditors :
Name :	Rakesh Garg and Associates Chartered Accountants
Address :	B-1/3, Emca House, 289 Shahid Bhagat Singh Marg, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAOPG0578P
Holding Company :	B L A Power Holding Private Limited CIN No.: U67190MH2008PTC179228
Fellow Subsidiaries :	· BLA Chhatisgarh Thermal Power Private Limited · BLA Renewable Energy Private Limited
Enterprise owned or significantly influenced by Key management personnel or their relatives	BLA Industries Private Limited

CAPITAL STRUCTURE

As on 29.09.2012

Authorised Capital : Rs.850.000 Millions

Issued, Subscribed & Paid-up Capital : Rs.642.034 Millions

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
85000000	Equity Shares	Rs.10/- each	Rs.850.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
58316521	Equity Shares	Rs.10/- each	Rs.583.165 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	583.165	520.000
(b) Reserves & Surplus	664.085	120.000
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	10.475	42.900
(3) Non-current liabilities
(a) long-term borrowings	3224.893	1861.850
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	1.381	0.856
(4) Current liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	0.000	0.000
(c) Other current liabilities	699.562	305.062
(d) Short-term provisions	4.214	1.946
TOTAL	5187.775	2852.614
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	333.458	309.363
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	4576.374	2072.730
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	108.324	160.761
(e) Other Non-current assets	0.028	0.028
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	22.759	0.000
(c) Trade receivables	20.386	0.000
(d) Cash and cash equivalents	81.337	304.877
(e) Short-term loans and advances	44.921	4.725
(f) Other current assets	0.188	0.130
TOTAL	5187.775	2852.614

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		320.000
2] Share Application Money		29.550
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		0.000
NETWORTH		349.550
LOAN FUNDS
1] Secured Loans		318.429
2] Unsecured Loans		0.000
TOTAL BORROWING		318.429
DEFERRED TAX LIABILITIES		0.000
TOTAL		667.979
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		215.491
Capital work-in-progress		595.752
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	63.956
	Other Current Assets	0.000
	Loans & Advances	4.486
Total Current Assets		68.442
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	207.501
	Other Current Liabilities	2.572
	Provisions	1.660
Total Current Liabilities		211.733
Net Current Assets		(143.291)
MISCELLANEOUS EXPENSES		0.027
TOTAL		667.979

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	0.000	0.000	0.000
		Advertising Expenses
		TOTAL	0.000	0.000	0.000
	PROFIT BEFORE TAX		0.000	0.000	0.000
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		0.000	0.000	0.000
	Earnings Per Share (Rs.)		0.00	0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	0.00	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		0.00	0.00	0.00
Debt Equity Ratio (Total Debt /Networth)		2.59	2.91	0.91
Current Ratio (Current Asset/Current Liability)		0.24	1.01	0.32

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	Yes

FINANCIAL RESULTS AND BUSINESS OPERATIONS:

The Company has achieved Commercial Operation Date (COD) for 1^st Unit of 2 X 45MW on 2^nd April, 2012 The Company has also made substantial progress in the implementation of 2nd unit of 2x45 MW of the Power Project. The construction activity of the 2^nd unit of 2x45 MW of the Power Project is in full progress. The Company has in place environment clerance for 3^rd Unit of 45 MW and started working on the implementation of the same and expects to achieve the financial closure for the same in the current year.

Since the company has achieved COD of its 1st Unit on 2^nd April, 2012, the Profit and Loss Account for the year is not prepared.

CONTINGENT LIABILITY NOT PROVIDED FOR IN RESPECT OF:

Rs. In Millions

Particulars	31.03.2011	31.03.2010
Estimated amount of contracts remaining to be executed on capital account and not provided for (Net advances)	1552.358	874.665

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U40102MH2006PTC165430
Name of the company	B L A POWER PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	84, Maker Chambers III, Nariman Point, Mumbai - 400021, Maharashtra, India compsec@bla.co.in
This form is for	Creation of charge
Type of charge	Immovable property
Particular of charge holder	ISGEC Heavy Engineering Limited, Radaur Roadyamuna Nagar - 135001, Haryana, India skkhorana@isgec.com
Nature of instrument creating charge	Declaration-cum-Undertaking dated 22nd January, 2013 and Ceding of Second Charge in favour of Isgec Heavy Engineering Limited, on the mortgaged land vide NOC of IFCI Factors Limited dated 11.01.2013.
Date of instrument Creating the charge	22.01.2013
Amount secured by the charge	Rs.232.584 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Extent and Operation of the charge To create second charge on the mortgaged land with the first charge resting with the IFCI Factors Limited.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All the pieces and parcel of the non-agricultural land admeasuring about 52.20 acres, situtated at Gadarwara to Bamhori Village Road, Tehsil Gadarwara, District Narsinghpur, Madhya Pradesh

FIXED ASSETS

· Building

· Plant and machinery

· Vehicles

· Furniture and Fixture

· Office Equipment

· Company

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 tansactions 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.59.35
UK Pound	1	Rs.92.11
Euro	1	Rs.78.59

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--CREDIT LINES	1~10	2
--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		30

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

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.