MIRA INFORM REPORT

Report Date :

05.03.2013

IDENTIFICATION DETAILS

Name :	SE FORGE LIMITED
Registered Office :	5, Shrimali Society, Navrangpura, Ahmedabad – 360009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	26.06.2006
Com. Reg. No.:	04-048563
Capital Investment / Paid-up Capital :	Rs. 2412.541 Millions
CIN No.: [Company Identification No.]	U27310GJ2006PLC048563
TAN No.: [Tax Deduction & Collection Account No.]	AHMS13124G
PAN No.: [Permanent Account No.]	AAKCS1047G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Forging Rings and Casting Articles required primarily for use in Wind Turbine Generators (WTG’s).
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 6640000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Suzlon Energy Limited. The Group is facing severe financial difficulties. It is an established company having moderate track record. Profitability of the company appears to be under pressure. There appear some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Bank Facilities : (CARE) BB
Rating Explanation	CARE has suspended its rating BB due to lack of information.
Date	July 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/ Factory 1:	5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India
Tel. No.:	91-79-26471100/ 66045000
Mobile No. :	91-9979864609 (Mr. Jayesh Gandhi)
Fax No.:	91-79-26565540
E-Mail :	mca@suzlon.com jayeshkumar.gandhi@seforge.com
Website :	www.seforge.com
Area :	5000 sq. ft. (Approximately)
Location :	Owned
Factory 2 :	Plot No 1, SEZ Unit in Synefra Engineering and Construction Limited, At and Village Piparia, Taluka Waghodia, District Vadodara - 391760, Gujarat, India
Tel. No.:	91-2668-245086-89
Fax No.:	91-2668-245226
E-Mail :	marketing@seforge.com
Factory 3 :	Plot No. 1, SEZ Unit in Synefra Engineering and Construction Limited, Kittampalayam Village, Annur Road, Karumathampatty, Coimbatore - 641659, Tamilnadu, India
Tel. No.:	91-421-3990000
Fax No.:	91-421-3990099

DIRECTORS

AS ON 11.07.2012

Name :	Mr. Vinod Ranchhodbhai Tanti
Designation :	Director
Address :	A – 901, Ssilver Woods, Mundhwa, Pune – 411036, Maharashtra, India
Date of Birth/Age :	29.06.1962
Qualification :	B.E.(Civil)
Date of Appointment :	01.04.2008
DIN No.:	00002266
Name :	Mr. Kirtikumar Jasvantlal Vagadia
Designation :	Director
Address :	D – 302, Kalptaru Regency – 2, Phase – 2, Kalyani Nagar, Near Joggers Park, Pune – 411006, Maharashtra, India
Date of Birth/Age :	12.03.1965
Qualification :	M.Com, CA
Date of Appointment :	31.01.2009
DIN No.:	00605991
Name :	Mr. Ranjitsinh Abhaysinh Parmar
Designation :	Director
Address :	Plot No. 27-A, Acacia-I, Magarpatta City, Hadapsar, Pune – 411028, Maharashtra, India
Date of Birth/Age :	26.08.1955
Date of Appointment :	11.07.2012
DIN No.:	00002613
Name :	Mr. Ishwar Chand Mangal
Designation :	Director
Address :	501, Shamik Building, Near Parle College, Dixit Road, Vile Parle (East), Mumbai – 400057, Maharashtra, India
Date of Birth/Age :	08.10.1970
Date of Appointment :	11.07.2012
DIN No.:	05003961

KEY EXECUTIVES

Name :	Mrs. Geetanjali Vishwanath Godse
Designation :	Secretary
Address :	A2, 414, Mangalmurti Co-operative Housing Society, 117A-2-538B, Sinhagad Road, Parvati, Near Big Bazar, Pune – 411030, Maharashtra, India
Date of Birth/Age :	06.11.1981
Date of Appointment :	01.11.2008
PAN No.:	AJQPG2763F
Name :	Mr. Kamlesh Bhadani
Designation :	Chief Executive Officer
Date of Birth/Age :	45 Years
Qualification :	B.Com.
Experience :	22 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.07.2012

Names of Shareholders	No. of Shares
Suzlon Energy Limited, India	241253525
Tulsi R. Tanti Jointly with Suzlon Energy Limited, India	100
Vinod R. Tanti Jointly with Suzlon Energy Limited, India	100
Girish R. Tanti Jointly with Suzlon Energy Limited, India	100
Gita T. Tanti Jointly with Suzlon Energy Limited, India	100
Sangita V. Tanti Jointly with Suzlon Energy Limited, India	100
Lina J. Tanti Jointly with Suzlon Energy Limited, India	100
Total	241254125

AS ON 11.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Forging Rings and Casting Articles required primarily for use in Wind Turbine Generators (WTG’s).

Products :

ITC Code	Product Descriptions
85030090	Parts of Wind Operated Electricity Generators

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Ø State Bank of Patiala, Commercial Branch, 1^st Floor, Atlanta, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra, India

Ø Punjab National Bank, International Banking Branch, DCM Building, Barakhamba Road, New Delhi - 110001, India

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee term loans from banks	2801.776	3590.008
Loans repayable on demand from banks	959.405	889.032
Total	3761.181	4479.040

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	C-401, Fourth Floor, Panchshil Tech Park, Yerwada (Near Don Bosco School), Pune-411006, Maharashtra, India
Income-tax PAN of auditor or auditor's firm :	AALFS0506L
Fellow Subsidiary company :	Ø REpower Systems SE Ø SE Electricals Limited [U31108KA2006PLC041190] Ø Suzlon Structures Limited [U27109GJ2004PLC044170] Ø Suzlon Towers and Structures Limited [U40100GJ2000PLC037245] Ø Suzlon Wind International Limited [U40108KA2006PLC041191] Ø Suzlon Structures Private Limited
Holding company :	Suzlon Energy Limited [L40100GJ1995PLC025447]

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
250,000,000	Equity Shares	Rs. 10/- each	Rs. 2500.000 Millions
27,500,000	Preference Shares	Rs. 100/- each	Rs. 2750.000 Millions
	Total		Rs. 5250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
241,254,125	Equity Shares	Rs. 10/- each	Rs. 2412.541 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		2412.541	2412.541	2412.541
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	442.466	3435.968
4] (Accumulated Losses)		(753.541)	0.000	(1833.050)
NETWORTH		1659.000	2855.007	4015.459
LOAN FUNDS
1] Secured Loans		3761.181	4479.040	5117.154
2] Unsecured Loans		795.440	1043.924	899.000
TOTAL BORROWING		4556.621	5522.964	6016.154
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6215.621	8377.971	10031.613
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		7259.890	7735.628	8137.302
Capital work-in-progress		416.130	480.177	649.250
INVESTMENT		0.020	0.020	0.020
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1015.025	650.435	968.022
	Sundry Debtors	854.845	1162.149	434.301
	Cash & Bank Balances	114.583	229.413	562.386
	Other Current Assets	86.570	108.259	0.000
	Loans & Advances	88.695	133.147	141.843
Total Current Assets		2159.718	2283.403	2106.552
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1203.230	1040.187	662.446
	Other Current Liabilities	2383.663	1056.848	184.250
	Provisions	33.244	24.222	14.815
Total Current Liabilities		3620.137	2121.257	861.511
Net Current Assets		(1460.419)	162.146	1245.041
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6215.621	8377.971	10031.613

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	3093.001	3576.070	1041.099
		Other Income	30.953	28.004	39.341
		TOTAL (A)	3123.954	3604.074	1080.440
Less	EXPENSES
		Cost of materials consumed	1696.077	2016.795
		Purchases of stock-in-trade	17.825	0.000
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(232.005)	(56.440)
		Employee benefit expense	255.849	273.455
		Other expenses	1044.792	1078.353
		TOTAL (B)	2782.538	3312.163	1336.017
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		341.416	291.911	(255.577)
Less	FINANCIAL EXPENSES (D)		866.198	747.296	583.040
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(524.782)	(455.385)	(838.617)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		671.224	705.067	418.524
	PROFIT BEFORE TAX (E-F) (G)		(1196.006)	(1160.452)	(1257.141)
Less	TAX (H)		0.000	0.000	(18.934)
	PROFIT AFTER TAX (G-H) (I)		(1196.006)	(1160.452)	(1238.207)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(2993.502)	(1833.050)	(594.843)
	BALANCE CARRIED TO THE B/S		(4189.508)	(2993.502)	(1833.050)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	476.047	529.902	110.326
	IMPORTS
		Raw Materials	1020.265	1023.842	205.478
		Stores & Spares	20.263	10.362	13.459
		Capital Goods	32.243	83.672	76.238
	TOTAL IMPORTS		1072.771	1117.876	295.175
	Earnings Per Share (Rs.)		(4.96)	(4.81)	(5.13)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(38.29)	(32.20)	(114.60)
Net Profit Margin (PBT/Sales)	(%)	(38.67)	(32.45)	(120.75)
Return on Total Assets (PBT/Total Assets}	(%)	(12.70)	(11.58)	(12.27)
Return on Investment (ROI) (PBT/Networth)		(0.72)	(0.41)	(0.31)
Debt Equity Ratio (Total Debt/Networth)		2.75	1.93	1.50
Current Ratio (Current Asset/Current Liability)		0.60	1.08	2.45

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	Yes
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

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Foreign currency term loans from banks	453.197	531.872
Working capital loans from banks	11.771	31.494
Loans repayable on demand	330.472	480.558
Total	795.440	1043.924

Note: The registered address of the company has been shifted from "SUZLON", 5, Shrimali Society, Navrangpura, Ahmedabad – 380009, Gujarat, India to the present w.e.f. 01.08.2006

CORPORATE INFORMATION

Subject is a public limited company domiciled in India and it is a wholly owned subsidiary of Suzlon Energy Limited. The company is incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacture of forging rings and casting articles, required primarily for use in Wind Turbine Generators (‘WTGs’). The Company has set up its manufacturing facilities as "Units in Notified Special Economic Zone(‘SEZ’)" at Vadodara and Coimbatore, in the states of Gujarat and Tamil Nadu respectively. The Company has obtained approvals from the Development Commissioners for setting up the manufacturing facilities as "Units in the Notified SEZ" vide letter No KASEZ/P&C/6/57/07-08/4744 dated 31st July 2007 for Vadodara Unit; and letter No. 8/1/2007-Suzlon Infra dated 18th September 2007 for Coimbatore Unit. The company caters to both domestic and international markets.

BUSINESS REVIEW:

During the year, the Company has achieved Sales Turnover of Rs.3093.001 Millions (Previous Year Rs.3576.070 Millions). The Company has also achieved a Direct Export of Rs.476.047 Millions (Previous Year Rs.529.902 Millions) and Deemed Export (Sales to Other SEZ entities / EOU units) Rs.289.196 Millions (Previous Year Rs.243.486 Millions). The Company has also achieved positive Earnings before Interest, Tax, Depreciation and Amortisations (EBITDA).

During the year, the Company has also developed new customers for Wind and Non Wind Application of its products and has added new customers to its Customer Portfolio. As a Business Strategy, the Company continuously explores new geographies in Europe, U.S.A and Latin America for its products, by active marketing initiatives. The Company expects substantial volume from the overseas market in the next year.

The Company has identified and continuously explores Non Wind Application of its products like Oil and Gas Sector, Process Equipments etc.

CONTINGENT LIABILITIES:

Electricity Peak Hour Penalty

In December 2008, Tamil Nadu Electricity Board ('TNEB') had issued directions to all the companies in Tamil Nadu to restrain consumption of power in excess of 5% of the total sanctioned limit during the peak hours (18.00Hrs to 22.00Hrs). During the year ended March 31, 2011 the Company had received a notice from TNEB on account of excess power consumption over the sanctioned limit during the peak hours from December 2008 to October 2009 of Rs. 15.387 millions the company has accordingly recorded the expenses of the said amount in the books of accounts.

In the year ended March 31, 2011 the company along with Synefra Engineering and Construction Limited, SE Electricals Limited, Suzlon Energy Limited and SE Composites Limited (‘Tanti group’) has entered into a Memorandum of Understanding (MOU) with the Government of Tamil Nadu, which is applicable with retrospective effect from November 2007. As per the MOU, Tanti group companies needs to make total investment of Rs. 6500.000 millions and needs to employ 1,600 people by October 2012 in order to enjoy the benefits/exemption stipulated in the MOU.

The company has not received any further notice from TNEB for the period November 2009 to March 31, 2012. However based on the method adopted by TNEB for calculating the peak hour penalty the company may have liability of Rs. 29.608 millions on account of peak hour penalty for the period from November 2009 to March 31, 2011. Since the additional liability is dependent on uncertain future events/ conditions (i.e. total investment of Rs 6500 millions and employment of 1,600 people by October 2012) to be fulfilled by the company. The company has considered the gross amount of Rs. 29.608 Millions as contingent liability.

FIXED ASSETS:

Ø Factory Building

Ø Plant and Machinery

Ø Furniture and Fixture

Ø Computers and Peripherals

Ø Office Equipment

Ø Vehicles

WEBSITE DETAILS:

PRESS RELEASE

29th-Mar-2012

SUZLON ENERGY - STRIKE AT COIMBATORE FACTORY OF SE FORGE LIMITED, A WHOLLY OWNED SUBSIDIARY OF THE COMPANY

Suzlon Energy Limited has informed BSE that SE Forge Limited, a wholly owned subsidiary of Suzlon Energy Limited, faced a strike at its Coimbatore manufacturing facility impacting production and dispatches.

Appmximately 200 confirmed workers started an illegal stay-in strike since March 19, 2012, demanding approximately 25 trainees be absorbed onto the Company rolls as permanent employees, in contravention of existing organisational policies.

Factory management and senior management of SE Forge Limited are in discussions with striking employees to resolve the situation.

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. 55.05
UK Pound	1	Rs. 82.75
Euro	1	Rs. 71.61

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		28

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%)

7

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.