MIRA INFORM REPORT

Report Date :

26.09.2013

IDENTIFICATION DETAILS

Name :	ABHITECH ENERGYCON LIMITED (w.e.f. 13.08.2003)
Formerly Known As :	ABHITECH ENERGYCON PRIVATE LIMITED (w.e.f. 17.07.2003) ABHITECH ENERGYCON SERVICES PRIVATE LIMITED
Registered Office :	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai – 400072, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.10.1997
Com. Reg. No.:	11-111233
Capital Investment / Paid-up Capital :	Rs.95.000 Millions
CIN No.: [Company Identification No.]	U74210MH1997PLC111233
TAN No.: [Tax Deduction & Collection Account No.]	MUMA25346G
PAN No.: [Permanent Account No.]	AABCA3856C
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Suppliers of Fuel Additives viz. Thermol and Thermact.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 460000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. 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 – 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

INDIAN ECONOMIC OVERVIEW

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

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	A-1020, Oberoi Garden Estates, Chandivali Farms Road, Chandivali, Mumbai – 400072, Maharashtra, India
Tel. No.:	7
Fax No.:	91-22-28479988
E-Mail :	smddesai@gmail.com inquiry@abhitechenergycon.com abhitech@abhitechenergycon.com
Website :	http://www.abhitechenergycon.com

DIRECTORS

As on 19.09.2011

Name :

Mr. Ganesh Dattatraya Samant

Designation :

Managing Director

Address :

Sundara Narayan Niwas, Padmavati Extension. Road, IIT Market, Powai, Mumbai – 400076, Maharashtra, India

Date of Birth/Age :

09.09.1972

Date of Appointment :

01.04.2011

DIN No.:

00457859

PAN No.:

AAXPS0026K

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Managing director	01-04-11	10-10-97	-	Active	NO
2	U74999MH1996PLC101658	SUN AUTOMATION LIMITED	Additional director	23-01-12	06-06-03	-	Active	NO
3	U51100MH1997PTC111142	OCEAN DISTRIBUTORS PRIVATE LIMITED	Director	31-07-03	31-07-03	01-10-09	Under Process of Striking off	NO
4	U67120MH1988PTC046132	COMPACT PROPERTIES PRIVATE LIMITED	Director	20-12-06	20-12-06	31-12-10	Active	NO
5	U55200KA2011PTC058886	ELIM RESORTS PRIVATE LIMITED	Additional director	23-01-12	23-01-12	-	Active	NO
6	U29198MH1991PTC060189	TECHNOCRAFTS SWITCHGEARS PRIVATE LIMITED	Additional director	23-01-12	23-01-12	-	Active	NO
7	U74999MH1995PLC086385	GLOBAL NATURAL RESOURCES LIMITED	Additional director	29-01-12	29-01-12	-	Active	NO

Name :

Mr. Vivek Vijay Pandit

Designation :

Whole-Time Director

Address :

202, Vishalgad, IIT Staff Co-operative Society, Powai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

03.06.1971

Date of Appointment :

01.04.2011

DIN No.:

00457967

PAN No.:

ADJPP3234F

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	U74210MH1997PLC111233	ABHITECH ENERGYCON LIMITED	Whole-time director	01-04-11	10-10-97	-	Active	NO
2	U51909MH1997PTC110669	SAINATH INFORMATICS PRIVATE LIMITED	Director	01-07-03	01-07-03	06-12-09	Active	NO
3	U45400MH2007PTC172265	ORCA ENGINEERING AND CONSTRUCTION COMPANY PRIVATE LIMITED	Director	24-10-08	24-10-08	-	Active	YES
4	U45400MH2010PTC201656	VIVA INFRADEVELOPERS PRIVATE LIMITED	Director	05-04-10	05-04-10	-	Active	NO

Name :

Mr. Hemant Raghunath Mohite

Designation :

Director

Address :

C-110, Bharat Apts, Marve Road, Malad (West), Mumbai – 400064, Maharashtra, India

Date of Birth/Age :

08.08.1972

Date of Appointment :

01.04.2011

DIN No.:

00458029

PAN No.:

AHRPM8431F

Name :

Mr. Subodh Hareshwar Raut

Designation :

Director

Address :

C-502, Mangesh Apartments, Devidas Lane, Eksar, Borivali (West), Mumbai – 400103, Maharashtra, India

Date of Birth/Age :

01.08.1958

Date of Appointment :

01.04.2011

DIN No.:

00458795

PAN No.:

AADPR7511E

Name :

Mr. Swatantra Kumar

Designation :

Director

Address :

Flat No. 1504, Tower I, Challenger Tower, Thakur Village, Kandivli (East), Mumbai 400101, Maharashtra, India

Date of Birth/Age :

26.01.1956

Date of Appointment :

01.04.2011

DIN No.:

00464807

PAN No.:

AHWPK7713P

Name :

Mr. Suresh Vasudeo Risbud

Designation :

Director

Address :

B-202, Mangalya, G.V. Scheme Road, No.4,

Mulund (East), Mumbai - 40008, Maharashtra, India

Date of Birth/Age :

22.10.1942

Date of Appointment :

17.05.2011

DIN No.:

03481315

Name :

Mr. Shreepad Atmaram Khanolkar

Designation :

Director

Address :

C/73, Ganesh Nagar, Gogate Wadi, Goregaon (East) , Mumbai – 400063, Maharashtra, India

Date of Birth/Age :

23.11.1949

Date of Appointment :

17.05.2011

DIN No.:

03510352

Name :

Mr. Prakash Keshavrao Khot

Designation :

Director

Address :

D/601, 6th Floor, Dheeraj Hill View Tower, Opposite Sidharth Nagar, Borivali (East), Mumbai – 400066, Maharashtra, India

Date of Birth/Age :

20.07.1972

Date of Appointment :

17.05.2011

DIN No.:

03526213

Name :

Mr. Sanjaykumar Shankarrao Patil

Designation :

Director

Address :

434/5, Shanwar Peth, Opposite Thete hospital, Taluka Karad, District Satar – 415110, Maharashtra, India

Date of Birth/Age :

22.06.1972

Date of Appointment :

17.05.2011

DIN No.:

03526216

Name :

Mr. Subramanian Narayanan

Designation :

Director

Address :

Flat No.3, Ground Floor, Shree Narayan Niwas, Polt No-167/A, Sion Jain Society Road, Sion, Mumbai – 400022, Maharashtra, India

Date of Birth/Age :

09.08.1958

Date of Appointment :

17.05.2011

DIN No.:

03526219

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 19.09.2011

Names of Shareholders	No. of Shares
Ganesh Dattatraya Samant	7789620
Vivek Vijay Pandit	427500
Hemant Raghunath Mohite	427500
Prasad Tulshidas Samant	427500
Vijay Chandrakant Kamble	427500
Prakash Poojari	190
Shrinivas Bhargav Dharap	190
Total	9500000

As on 19.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Suppliers of Fuel Additives viz. Thermol and Thermact.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor, Bombay Dying Mill Compound, P.B. Marg, Worli, Mumbai - 400025, Maharashtra, India
• Bank of Maharashtra, Pantnagar, Ghatkoper (East), Mumbai - 400075, Maharashtra, India
• Karnataka Bank Limited
• HDFC Bank
• ICICI Bank

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Long-term borrowings
Term loans from banks	16.438	2.355
Short-term borrowings
Term loans from banks	12.131	0.000
Working capital loans from banks	18.117	38.488
Total	46.686	40.843

Banking Relations :	---
Auditors :
Name :	Awinash Verma and Associates Chartered Accountants
Address :	12, 2^nd Floor, New Gopal House, S. L. Road, Mulund (West), Mumbai – 400080, Maharashtra, India
Tel. No.:	91-22-25934488
Mobile No.:	91-9967362315 / 9967232844
E-Mail :	awinash_varma@rediffmail.com suvarna_hadhav786@rediffmail.com
PAN.:	AAYPN2873N
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives	Sun Automation Limited CIN No.: U74999MH1996PLC101658

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
17000000	Equity Shares	Rs.10/- each	Rs.170.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9500000	Equity Shares	Rs.10/- each	Rs.95.000 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	95.000	95.000
(b) Reserves & Surplus	21.236	21.164
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	116.236	116.164
(3) Non-Current Liabilities
(a) long-term borrowings	16.438	2.355
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	21.760	18.704
Total Non-current Liabilities (3)	38.198	21.059
(4) Current Liabilities
(a) Short term borrowings	30.248	38.488
(b) Trade payables	44.315	36.293
(c) Other current liabilities	11.557	6.404
(d) Short-term provisions	10.118	9.977
Total Current Liabilities (4)	96.238	91.162
TOTAL	250.672	228.385
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	51.011	35.167
(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	1.605	0.105
(c) Deferred tax assets (net)	1.456	0.897
(d) Long-term Loan and Advances	0.000	11.918
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	54.072	48.087
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	7.050	20.185
(c) Trade receivables	175.565	136.951
(d) Cash and cash equivalents	8.579	15.653
(e) Short-term loans and advances	5.246	7.293
(f) Other current assets	0.160	0.216
Total Current Assets	196.600	180.298
TOTAL	250.672	228.385

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5.000
2] Share Application Money		0.000
3] Reserves & Surplus		94.367
4] (Accumulated Losses)		0.000
NETWORTH		99.367
LOAN FUNDS
1] Secured Loans		48.153
2] Unsecured Loans		0.000
TOTAL BORROWING		48.153
DEFERRED TAX LIABILITIES		0.000
TOTAL		147.520
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		26.290
Capital work-in-progress		0.000
INVESTMENT		0.650
DEFERREX TAX ASSETS		1.066
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	13.074
	Sundry Debtors	132.939
	Cash & Bank Balances	6.016
	Other Current Assets	0.000
	Loans & Advances	10.470
Total Current Assets		162.499
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	16.477
	Other Current Liabilities	0.000
	Provisions	26.508
Total Current Liabilities		42.985
Net Current Assets		119.514
MISCELLANEOUS EXPENSES		0.000
TOTAL		147.520

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	324.288	288.025	248.273
		Other Income	0.229	0.267	0.269
		TOTAL (A)	324.517	288.292	248.542
Less	EXPENSES
		Cost of materials consumed	60.681	64.125
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	13.135	(7.112)	214.892
		Employee benefit expense	81.188	68.835
		Other expenses	123.748	124.279
		TOTAL (B)	278.752	250.127	214.892
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		45.765	38.165	33.650
Less	FINANCIAL EXPENSES (D)		6.546	5.536	5.823
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.219	32.629	27.827
Less/ Add	DEPRECIATION/ AMORTISATION (F)		10.106	3.997	4.054
	PROFIT BEFORE TAX (E-F) (G)		29.113	28.632	23.773
Less	TAX (H)		29.040	11.836	3.044
	PROFIT AFTER TAX (G-H) (I)		0.073	16.796	20.729
	EARNINGS IN FOREIGN CURRENCY
		Export Sales	21.183	10.461	13.334
	TOTAL EARNINGS		21.183	10.461	13.334
	Earnings Per Share (Rs.)		2.06	1.95	41.46

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.02	5.83	8.34
Net Profit Margin (PBT/Sales)	(%)	8.98	9.94	9.58
Return on Total Assets (PBT/Total Assets}	(%)	11.76	12.59	12.59
Return on Investment (ROI) (PBT/Networth)		0.25	0.25	0.24
Debt Equity Ratio (Total Debt /Networth)		0.40	0.35	0.48
Current Ratio (Current Asset/Current Liability)		2.04	1.98	3.78

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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The registered office of the company has been shifted from 403, Sentinel Centralavenue, Hiranandani Garden, Powai, Mumbai – 400076, Maharashtra, India to present address w.e.f. 27.07.2009

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10371887	03/08/2012	12,300,000.00	AXIS BANK LIMITED	CORPROATE BANKING BRANCH,AXIS HOUSE,GR FLOOR, BOMBAY DYING MILL COMPOUND, P.B. MARG,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B56140924
2	10005179	09/05/2013 *	78,500,000.00	AXIS BANK LIMITED	CORPROATE BANKING BRANCH,AXIS HOUSE,GR FLOOR, BOMBAY DYING MILL COMPOUND, P.B. MARG,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA	B76221969

* Date of charge modification

FIXED ASSETS

• Building
• Office Equipment
• Plant and Machinery
• Furniture and Fixtures
• Computer
• Motor Car

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.62.70
UK Pound	1	Rs.100.27
Euro	1	Rs.84.46

INFORMATION DETAILS

Report Prepared by :

NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	4
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		29

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.