MIRA INFORM REPORT

Report Date :

14.11.2014

IDENTIFICATION DETAILS

Name :	BETUL NON-CONVENTIONAL ENERGY PRIVATE LIMITED

Registered Office :	A-17, Adarsh Nagar, Ahmedpurkala, Hoshangabad Road, Bhopal – 462026, Madhya Pradesh

Country :	India

Financials (as on) :	31.03.2013

Date of Incorporation :	31.03.2009

Com. Reg. No.:	10-021779

Capital Investment / Paid-up Capital :	Rs. 35.572 Millions

CIN No.: [Company Identification No.]	U40108MP2009PTC021779

TAN No.: [Tax Deduction & Collection Account No.]	BPLB03642C

PAN No.: [Permanent Account No.]	AADCB8145R

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the business to generate, produce, sell, resell, acquire, transmit, distribute, supply electrical power by conventional, non-conventional methods including coal, gas, lignite, Oil, Bio-Mass, Thermal, Solar, etc.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Yet to commence it’s business operation

Payment Behaviour :	Unknown

Litigation :	--

Comments :	Even though the company was incorporate on 31^st March, 2009, it is yet commence its business operations. As per financial record of 2013, company has incurred some preoperating expenses which has resulted into accumulated loss incurred by the company. As per the status in the registrar of companies business appears to be active. Payments are reported to be unknown. The company can be considered for business dealings on safe and secured 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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

India

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

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

LOCATIONS

Registered Office :	A-17, Adarsh Nagar, Ahmedpurkala, Hoshangabad Road, Bhopal – 462026, Madhya Pradesh, India
Tel. No. :	Not Available
Fax No. :	Not Available
E-Mail :	pbacsbpl@gmail.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Katta Sitaram Reddy

Designation :

Director

Address :

H.No.8-2-684/111/15, Bhavani Nagar, Road.No.12, Banjara Hills, Hyderabad - 500034, Andhra Pradesh, India

Date of Birth/Age :

29.09.1973

Date of Appointment :

31.03.2009

DIN No. :

02052356

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	Company/ LLP Status	Defaulting status
1	U72200TG2000PTC034177	SMART GEN SOFTWARE SOLUTIONS PRIVATE LIMITED	Director	20-09-2008	15-03-2008	Active	NO
2	U40105TG2008PTC058421	GOVERA POWER PROJECTS PRIVATE LIMITED	Director	29-03-2008	29-03-2008	Active	NO
3	U40100MP2008PTC020791	SANGAMAM POWER PROJECTS PRIVATE LIMITED	Director	16-06-2008	16-06-2008	Active	NO
4	U40108MP2009PTC021779	BETUL NON-CONVENTIONAL ENERGY PRIVATE LIMITED	Director	31-03-2009	31-03-2009	Active	NO
5	U40108TG2009PTC064434	SONYA POWER GENERATION PRIVATE LIMITED	Director	20-07-2009	20-07-2009	Active	NO
6	U65993TG2010PTC068189	VISTA ENERGY HOLDINGS PRIVATE LIMITED	Director	30-04-2010	30-04-2010	Active	NO
7	U40106TG2012PTC079160	NAUR GREEN ENERGY PRIVATE LIMITED	Director	14-02-2012	14-02-2012	Active	NO
8	U40108TG2012PTC079322	TIMNI SMALL HYDRO POWER PRIVATE LIMITED	Director	23-02-2012	23-02-2012	Active	NO
9	U40101MP2012PTC028359	Rehi Hydro Energy Private Limited	Director	04-05-2012	04-05-2012	Active	NO
10	U40100TG2012PTC082557	DEOKIS SMALL HYDRO POWER PRIVATE LIMITED	Director	17-08-2012	17-08-2012	Active	NO
11	U40100TG2012PTC082558	HATTA SMALL HYDRO POWER PRIVATE LIMITED	Director	17-08-2012	17-08-2012	Active	NO
12	U40108MP2012PTC029084	CHANDALL HYDEL ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	Active	NO
13	U40108MP2012PTC029085	HIRRITOLA HYDRO ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	Active	NO
14	U40108MP2012PTC029086	JALATPURI HYDRO ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	Active	NO
15	U40100MP2013PTC030845	ADH HYDRO ENERGY PRIVATE LIMITED	Director	27-05-2013	27-05-2013	Active	NO
16	U40108MP2013PTC031084	HARDI HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	Active	NO
17	U40108MP2013PTC031085	AMHATA HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	Active	NO
18	U40108MP2013PTC031086	PIPRAHI HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	Active	NO
19	U72200WB2007FTC119086	SKYBRIDGE SOLUTIONS PRIVATE LIMITED	Director	02-09-2013	02-09-2013	Active	NO
20	U40108TG2013PTC091995	ALTO RENEWABLES PRIVATE LIMITED	Director	27-12-2013	27-12-2013	Active	NO

Name :

Mr. Boya Venkateswara Reddy

Designation :

Director

Address :

Flat No. 503, Srinilaya Enclave, 8-3-945, Near Science College, Ammerpet, Hyderabad - 500016, Andhra Pradesh, India

Date of Birth/Age :

01.07.1960

Date of Appointment :

31.03.2009

DIN No. :

02052367

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	U40105TG2008PTC058421	GOVERA POWER PROJECTS PRIVATE LIMITED	Director	29-03-2008	29-03-2008	-	Active	NO
2	U40104TG2007PTC056689	VEERA POWER AND INFRASTRUCTURES PRIVATE LIMITED	Managing director	15-04-2008	15-04-2008	-	Active	NO
3	U40100MP2008PTC020791	SANGAMAM POWER PROJECTS PRIVATE LIMITED	Director	16-06-2008	16-06-2008	-	Active	NO
4	U74900AP2008PTC060629	RGK ENERGY PRIVATE LIMITED	Director	18-08-2008	18-08-2008	01-02-2011	Active	NO
5	U40108MP2009PTC021779	BETUL NON-CONVENTIONAL ENERGY PRIVATE LIMITED	Director	31-03-2009	31-03-2009	-	Active	NO
6	U65993TG2010PTC068189	VISTA ENERGY HOLDINGS PRIVATE LIMITED	Director	30-04-2010	30-04-2010	-	Active	NO
7	U40106TG2012PTC079160	NAUR GREEN ENERGY PRIVATE LIMITED	Director	14-02-2012	14-02-2012	-	Active	NO
8	U40108TG2012PTC079179	PARASIA SMALL HYDRO POWER PRIVATE LIMITED	Director	15-02-2012	15-02-2012	-	Active	NO
9	U40108TG2012PTC079322	TIMNI SMALL HYDRO POWER PRIVATE LIMITED	Director	23-02-2012	23-02-2012	-	Active	NO
10	U40300TG2012PTC080364	DARIA HYDRO POWER PRIVATE LIMITED	Director	17-04-2012	17-04-2012	-	Active	NO
11	U40300TG2012PTC080432	MARSHALL SMALL HYDRO POWER PRIVATE LIMITED	Director	20-04-2012	20-04-2012	-	Active	NO
12	U40101MP2012PTC028359	REHI HYDRO ENERGY PRIVATE LIMITED	Director	04-05-2012	04-05-2012	-	Active	NO
13	U40100TG2012PTC082557	DEOKIS SMALL HYDRO POWER PRIVATE LIMITED	Director	17-08-2012	17-08-2012	-	Active	NO
14	U40100TG2012PTC082558	HATTA SMALL HYDRO POWER PRIVATE LIMITED	Director	17-08-2012	17-08-2012	-	Active	NO
15	U40300TG2012PTC082568	PARADOSH SMALL HYDRO POWER PRIVATE LIMITED	Director	21-08-2012	21-08-2012	-	Active	NO
16	U40108TG2012PTC082631	PANDAWAN SMALL HYDRO POWER PRIVATE LIMITED	Director	23-08-2012	23-08-2012	-	Active	NO
17	U40101TG2012PTC082632	MAKRA SMALL HYDRO POWER PRIVATE LIMITED	Director	23-08-2012	23-08-2012	-	Active	NO
18	U40108MP2012PTC029084	CHANDALL HYDEL ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	-	Active	NO
19	U40108MP2012PTC029085	HIRRITOLA HYDRO ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	-	Active	NO
20	U40108MP2012PTC029086	JALATPURI HYDRO ENERGY PRIVATE LIMITED	Director	28-08-2012	28-08-2012	-	Active	NO
21	U40100MP2013PTC030845	ADH HYDRO ENERGY PRIVATE LIMITED	Director	27-05-2013	27-05-2013	-	Active	NO
22	U40108MP2013PTC031084	HARDI HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	-	Active	NO
23	U40108MP2013PTC031085	AMHATA HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	-	Active	NO
24	U40108MP2013PTC031086	PIPRAHI HYDRO ENERGY PRIVATE LIMITED	Director	03-07-2013	03-07-2013	-	Active	NO
25	U40107TG2013PTC091990	KHUDRA ENERGY PRIVATE LIMITED	Director	27-12-2013	27-12-2013	-	Active	NO
26	U40108TG2013PTC091994	GHUGRI ENERGY PRIVATE LIMITED	Director	27-12-2013	27-12-2013	-	Active	NO
27	U40108TG2013PTC091995	ALTO RENEWABLES PRIVATE LIMITED	Director	27-12-2013	27-12-2013	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Names of Shareholders	No. of Shares	Percentage of Holding
Katta Sita Ram Reddy	860000	24.18
Boya Venkateswara Reddy	82000	2.31
Govera Power Projects Private Limited, India	2615229	73.52
Total	3557229	100.00

As on 30.09.2013

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	73.52
Directors or relatives of Directors	26.48
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business to generate, produce, sell, resell, acquire, transmit, distribute, supply electrical power by conventional, non-conventional methods including coal, gas, lignite, Oil, Bio-Mass, Thermal, Solar, etc.

Exports :	--

Imports :	--

Terms :
Selling :	--

Purchasing :	--

GENERAL INFORMATION

Suppliers :	--

Customers :	--

No. of Employees :	Not Available

Bankers :	· Andhra Bank · Syndicate Bank · Union Bank of India

Facilities :	--

Banking Relations :	--

Auditors :
Name :	Jain Chatterjee and Associates Chartered Accountants
Address :	6 No. Stop, Shivaji Nagar, Bhopal – 462016, Madhya Pradesh, India
Income-tax PAN of auditor or auditor's firm :	AACFJ7680H

Sisters Concern :	--

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount

10,000,000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

3,557,229	Equity Shares	Rs.10/- each	Rs. 35.572 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	35.572	35.572	35.572
(b) Reserves & Surplus	(0.017)	0.000	0.000
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	22.070	11.350	1.100
Total Shareholders’ Funds (1) + (2)	57.625	46.922	36.672

(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.000	0.000	0.000

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	0.000	0.000	0.000
(c) Other current liabilities	0.061	1.039	0.000
(d) Short-term provisions	0.017	0.029	0.010
Total Current Liabilities (4)	0.078	1.068	0.010

TOTAL	57.703	47.990	36.682

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	36.585	31.311	13.560
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.849	5.002	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.364	0.109	0.109
(e) Other Non-current assets	11.196	8.315	18.173
Total Non-Current Assets	53.994	44.737	31.842

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	0.000	0.000	0.000
(d) Cash and cash equivalents	0.786	0.389	3.423
(e) Short-term loans and advances	1.984	1.923	0.991
(f) Other current assets	0.939	0.941	0.426
Total Current Assets	3.709	3.253	4.840

TOTAL	57.703	47.990	36.682

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	0.000	0.000
		Other Income	0.000	0.000
		TOTAL	0.000	0.000

Less	EXPENSES
		TOTAL	0.017	0.000

	PROFIT/ (LOSS) BEFORE TAX		(0.017)	0.000

Less	TAX		0.000	0.000

	PROFIT/ (LOSS) AFTER TAX		(0.017)	0.000

	Earnings / (Loss) Per Share (Rs.)		0.00	0.00

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	0.00	0.00	NA

Return on Total Assets (PBT/Total Assets}	(%)	(0.03)	0.00	NA

Return on Investment (ROI) (PBT/Networth)		0.00	0.00	NA

Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00

Current Ratio (Current Asset/Current Liability)		47.55	3.05	484.00

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	35.572	35.572	35.572
Reserves & Surplus	0.000	0.000	-0.017
Share Application money pending allotment	1.100	11.350	22.070
Net worth	36.672	46.922	57.625

long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

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 two years	Yes
12]	Profitability for last two 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	No
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	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

CHANGES OF ADDRESS

The registered office of the company has been shifted from E-6/63, Near Saibaba Board, Arera colony Bhopal – 462016, Madhya Pradesh, India to the present w.e.f. 01.06.2009.

FIXED ASSETS

· Building

· Computer

· Furnitures and Fixtures

· Land

· Mixer Machine

· Office Equipment

· Plant and Machinery

· Vehicles

· Water Tank

· Plywood

· Shed

· Transformer

· Wood Cutter Machine

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.61.56
UK Pound	1	Rs.97.10
Euro	1	Rs.76.61

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	--
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	--
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.

MIRA INFORM REPORT

0.00

Unit