MIRA INFORM REPORT

Report No. :	352158
Report Date :	08.12.2015

IDENTIFICATION DETAILS

Name :	ANDRITZ HYDRO PRIVATE LIMITED (w.e.f.08.07.2009)
Formerly Known As :	VA TECH HYDRO INDIA PRIVATE LIMITED CG ELIN POWER SYSTEMS PRIVATE LIMITED
Registered Office :	D-17, MPAKVN Industrial Area, Mandideep – 462046, Madhya Pradesh
Tel. No.:	91-7480-400400/401
Country :	India
Financials (as on) :	31.12.2014
Date of Incorporation :	28.11.1996
Com. Reg. No.:	10-011430
Capital Investment / Paid-up Capital :	Rs.291.028 Million
CIN No.: [Company Identification No.]	U04010MP1996PTC011430
IEC No.:	1197005293
TAN No.: [Tax Deduction & Collection Account No.]	BPLV00336A
PAN No.: [Permanent Account No.]	AABCV2446R
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of design, manufacture, servicing, erection and installation of hydro and thermal power generator, generator components, hydro turbines, governing equipment, inlet butterfly valves, spherical valves and other related plants and equipments for all types of turbines. (Registered Activity)
No. of Employees :	900 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 3137000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of “Andritz Hydro GmbH, Austria. It is an established company incorporated in the year 1996 having good track. Available financial indicates sound financial risk profile marked by healthy networth base along with good profit margin and favorable gap between trade payables and trade receivables. The company also derives strength from its holding company and its experienced management. Trade relations are reported as fair. Business is active. Payment terms are reported regular and as per commitment. In view of long track record and strong holding support, the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	Long Term Bank Facilities : A
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August, 2015

Rating Agency Name	ICRA
Rating	Short Term Bank Facilities : A1
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	August, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Mr. Nitin Jain
Designation :	Team Leader in Finance
Contact No.:	91-7480-423017

LOCATIONS

Registered Office/ Factory :	D-17, MPAKVN Industrial Area, Mandideep – 462046, Madhya Pradesh, India
Tel. No.:	91-7480-400400 / 401
Fax No.:	91-7480-403393 / 403394
E-Mail :	puneet.khurana@vatech-hydro.com info@vatech-hydro.com contact-hydro.in@andritz.com puneet.khurana@andritz.com nitin.jain@andritz.com
Websites:	www.andritz.com
Location:	Leased
Locality:	Industrial
Factory 2:	49/5, Mathur Road, Village, Prithla, District Palwal – 121102, Haryana, India
Tel No. :	91-1275-262161 / 163
Fax No. :	91-1275-262055
Overseas Office:	Penzinger Strasse, 76 A – 1141 Wien, Postfach
Email ID:	contact@vatech-hydro.com

DIRECTORS

As on 11.06.2015

Name :	Mr. Mahadevan Anand
Designation :	Director
Address :	C001 Yamuna Apartment, Alaknanda, New Delhi – 110019, India
Date of Birth/Age :	04.11.1951
Date of Appointment :	26.03.2009
DIN No.:	00088683
Name :	Mr. Karl Quehenberger
Designation :	Managing Director
Address :	House No. 263, Sector – 21 A, Faridabad – 121001, Haryana, India
Date of Birth/Age :	23.09.1962
Date of Appointment :	01.04.2013
DIN No.:	06564599
Name :	Mr. Harald Heber
Designation :	Director
Address :	Haydnweg 11, Haumannstaetten, Austria 8071
Date of Birth/Age :	24.10.1961
Date of Appointment :	19.06.2008
DIN No.:	02099980
Name :	Mr. Didier Dechaud
Designation :	Additional Director
Address :	215 A V Grenoble, 38180 Seyssins, France
Date of Birth/Age :	19.10.1954
Date of Appointment :	15.06.2009
DIN No.:	00475121
Name :	Mr. Karl Scherer
Designation :	Director
Address :	Weizberghof 1, Weiz Austria A8160
Date of Birth/Age :	25.07.1955
Date of Appointment :	01.07.2013
DIN No.:	00348424
Name :	Josef Ullmer
Designation :	Director
Address :	JL Bangka VIII No. 8, Jakarta, Indonesia 12720
Date of Birth/Age :	03.04.1962
Date of Appointment :	01.04.2015
DIN No.:	06908863
Name :	Mr. Wolfgang Semper
Designation :	Additional director
Address :	Akeleistrasse 8, Kronstorf, A4484, Austria
Date of Birth/Age :	09.03.1958
Date of Appointment :	10.03.2015
DIN No.:	00339946

KEY EXECUTIVES

Name :	Mr. Puneet Khurana
Designation :	Secretary
Address :	B-4, 101 Paras City, E-3, Bhopal – 462016, Madhya Pradesh, India
Date of Birth/Age :	09.03.1969
Date of Appointment :	06.05.2002
PAN No.:	AGTPK8924G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 11.06.2015

Names of Shareholders	No. of Shares	% of Holding
Andritz Hydro Gmbh, Vienna Austria	18500300	63.57
Andritz Hydro Gmbh, Germany	10602520	36.43
Total	29102820	100.00

As on 29.09.2015

Names of Allottee	No. of Shares
Andritz Hydro GmbH, Austria	39660352
Total	39660352

As on 11.06.2015

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in business of design, manufacture, servicing, erection and installation of hydro and thermal power generator, generator components, hydro

turbines, governing equipment, inlet butterfly valves, spherical valves and other related plants and equipments for all types of turbines. (Registered Activity)

Products :

Item Code No.	Product Description
85030010	Parts of Generators(AC/DC)
84109000	Parts of Hydrlic Turbnes INLC Regulators

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Finished Goods

Countries :

• Nepal
• Indonesia
• Malaysia
• Vietnam

Imports :

Products:

Raw Material

Countries :

• France
• Thailand
• Austria
• Switzerland

Terms :

Selling :

Credit and Cash

Purchasing :

Credit and Cash

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Thysstnkrup Private Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	NHPC Limited
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

900 (Approximately)

Bankers :

Bank Name	HDFC Bank Limited
Branch	HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

State Bank of India, Commercial Branch, LHO Complex, Hosangabad Road, Bhopal – 462011, Madhya Pradesh, India

Facilities :

Secured Loan	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Short-term borrowings
Loans repayable on demand	799.423	648.138
Total	799.423	648.138

Auditors :
Name :	B S S R and Company Chartered Accountants
Address :	Building No 10, 8th Floor, Tower-B, DLF Cyber City, Phase-II, Gurgaon - 122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFB6889R
Memberships :	--
Collaborators :	--
Holding company:	Andritz Hydro GmbH Austria, Austria
Ultimate Holding Company	Andritz AG, Austria
Fellow Subsidiary company :	Andritz India Private Limited, India [U51101DL1997PTC191150] Andritz Hydro Canada Inc, Canada Andritz Hydro Limited, Canada Andritz (China) Limited, China Andritz Hydro Corporation, United States Andritz Inc., United States Andritz Hydro Ag, Switzerland Andritz Hydro S.A.S., France Andritz Hydro S .R .I. Unipersonale, Italy Andritz OY, Finland Andritz Hydro S.L., Spain Pt Andritz Hydro, Indinesia Andritz Technologies Private Limited, India [U29246KA1998PTC023971] Andritz Separation (India) Private Limited, India [U29256TN1994PTC026645] Andritz Hydro AS, Norway Andritz AB, Sweden Andritz Hydro LTTE, Canada Andritz Ritz Pte Limited, Singapore
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Andritz Hydro GmbH, Germany
Ultimate Holding Company:	Andritz AG, Austria

CAPITAL STRUCTURE

After 11.06.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
75000000	Equity Shares	Rs.10/- each	Rs.750.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
68763172	Equity Shares	Rs.10/- each	Rs.687.632 Million

As on 11.06.2015

Authorised Capital :

No. of Shares	Type	Value	Amount
35000000	Equity Shares	Rs.10/- each	Rs.350.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
29102820	Equity Shares	Rs.10/- each	Rs.291.028 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.12.2014	31.12.2013	31.12.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	291.028	291.028	291.028
(b) Reserves & Surplus	807.046	348.772	781.657
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1098.074	639.800	1072.685
(3) Non-Current Liabilities
(a) long-term borrowings	739.266	249.125	308.419
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	391.838	8.486	17.955
(d) long-term provisions	356.102	301.983	279.280
Total Non-current Liabilities (3)	1487.206	559.594	605.654
(4) Current Liabilities
(a) Short term borrowings	1599.423	1048.138	1260.219
(b) Trade payables	1461.732	2544.549	2030.635
(c) Other current liabilities	5462.421	4231.009	4368.504
(d) Short-term provisions	660.016	1100.373	603.317
Total Current Liabilities (4)	9183.592	8924.069	8262.675
TOTAL	11768.872	10123.463	9941.014
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1256.451	1238.159	1287.170
(ii) Intangible Assets	10.778	14.452	14.028
(iii) Capital work-in-progress	11.487	3.022	14.083
(iv) Intangible assets under development	0.000	0.000	2.033
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	320.893
(d) Long-term Loan and Advances	167.885	104.264	74.377
(e) Other Non-current assets	243.365	6.324	8.151
Total Non-Current Assets	1689.966	1366.221	1720.735
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	409.665	557.047	409.411
(c) Trade receivables	5891.636	4459.610	3900.845
(d) Cash and cash equivalents	146.931	105.172	41.596
(e) Short-term loans and advances	579.403	450.158	658.659
(f) Other current assets	3051.271	3185.255	3209.768
Total Current Assets	10078.906	8757.242	8220.279
TOTAL	11768.872	10123.463	9941.014

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
SALES
	Income	7782.570	7251.380	6749.441
	Other Income
	TOTAL	7782.570	7251.380	6749.441
EXPENSES
	TOTAL	7319.224	7363.372	7309.487
PROFIT/(LOSS) BEFORE TAX		463.346	(111.992)	(560.046)
TAX		5.072	320.893	(191.558)
PROFIT/(LOSS) AFTER TAX		458.274	(432.885)	(368.488)
Earnings/(Loss) Per Share (Rs.)		15.75	(14.87)	(12.66)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2014	31.12.2013	31.12.2012
Current Maturities of Long term debt	214.394	238.424	145.433
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	(290.754)	491.887	(395.516)
Net cash flow from operating activity	(373.851)	466.649	(424.273)

KEY RATIOS

PARTICULARS		31.12.2014	31.12.2013	31.12.2012
Net Profit Margin (PAT / Sales)	(%)	5.89	(5.97)	(5.46)
Return on Total Assets (PBT/Total Assets}	(%)	3.94	(1.11)	(5.83)
Return on Investment (ROI) (PBT/Networth)		0.42	(0.18)	(0.52)
Debt Equity Ratio (Total Debt /Networth)		2.33	2.40	1.60
Current Ratio (Current Asset/Current Liability)		1.10	0.98	0.99

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	291.028	291.028	291.028
Reserves & Surplus	781.657	348.772	807.046
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1072.685	639.800	1098.074
long-term borrowings	308.419	249.125	739.266
Short term borrowings	1260.219	1048.138	1599.423
Current Maturities of Long-Term Debts	145.433	238.424	214.394
Total borrowings	1714.071	1535.687	2553.083
Debt/Equity ratio	1.598	2.400	2.325

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	6749.441	7251.380	7782.570
		7.437	7.325

NET PROFIT MARGIN

Net Profit Margin	31.12.2012	31.12.2013	31.12.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	6749.441	7251.380	7782.570
Profit	(368.488)	(432.885)	458.274
	(5.46%)	(5.97%)	5.89%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	Yes
19	Major customers	Yes
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW

Subject is a subsidiary of Andritz Hydro GmbH, Austria and was incorporated in India on 28 November 1996. The Company is engaged in business of design, manufacture, servicing, erection and installation of hydro and thermal power generator, generator components, hydro turbines, governing equipment, inlet butterfly valves, spherical valves and other related plants and equipments for all types of turbines. The manufacturing facilities of the Company are situated at Mandideep (Madhya Pradesh) and Prithla (Haryana).

UNSECURED LOANS

PARTICULAR	31.12.2014 (Rs. in Million)	31.12.2013 (Rs. in Million)
Long-term Borrowings
Foreign Currency term loans from Others	194.386	0.000
Other External commercial	544.880	0.000
Term loans from others	0.000	223.374
Deferred liabilities payment	0.000	25.751
Short-term borrowings
Loans repayable on demand	800.000	400.000
Total	1539.266	649.125

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10442981	18/12/2014 *	1,700,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL West, MUMBAI, Maharashtra - 400013, INDIA	C40352718
2	10192265	11/01/2013 *	2,450,000,000.00	AXIS BANK LIMITED	165A-166, Star Arcade, M. P. Nagar, Zone-I, Bhopal, Madhya Pradesh - 462011, INDIA	B67475798
3	90203959	06/03/2012 *	2,160,000,000.00	ICICI BANK LIMITED	LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA	B36058873
4	90205561	18/06/2015 *	1,950,000,000.00	State Bank of India	COMMERCIAL BRANCH, LHO COMPLEX, HOSANGABAD ROAD,  BHOPAL, Madhya Pradesh - 462011, INDIA	C57704348

FIXED ASSETS

• Leasehold Land
• Buildings
• Plant and Machinery
• Furniture, Fixtures
• Office Equipments
• Computers
• Motor vehicle
• Computer software

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 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.66.62
UK Pound	1	Rs.100.65
Euro	1	Rs.72.40

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	7
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.