MIRA INFORM REPORT

Report No. :	310093
Report Date :	10.03.2015

IDENTIFICATION DETAILS

Name :	VESTAS WIND TECHNOLOGY INDIA PRIVATE LIMITED (w.e.f. 09.11.2006)
Formerly Known As :	NEG MICON INDIA PRIVATE LIMITED ASIAN WIND TURBINES PRIVATE LIMITED
Registered Office :	298, Old Mahabalipuarm Road, Sozhinganallur, Chennai – 600119, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.11.1996
Com. Reg. No.:	18-036871
Capital Investment / Paid-up Capital :	Rs.1490.150 Million
CIN No.: [Company Identification No.]	U40101TN1996PTC036871
TIN No.:	Not Available
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACA9274F
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of offering the complete turkey solutions for the wind power projects.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 8300000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having Moderate track. The company has incurred a loss from its operations during 2014. However, Trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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	CARE
Rating	Long Term Bank Facilities = A – (suspended)
Rating Explanation	Have adequate degree of safety and carry low credit risk.
Date	08.04.2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities = A2 + (suspended)
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	08.04.2014

Reason for Suspension: The ratings have been suspended as the company has not furnished the information required by CARE for monitoring of the ratings.

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 :	298, Old Mahabalipuarm Road, Sozhinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-24505100 / 24505100
Fax No.:	91-44-24505101
E-Mail :	response@vestas.com supal@vestas.com
Website :	http://www.vestas.com
Area :	10000 Sq. Ft.
Location :	Owned
Research Center :	Block - A, 8^th Floor, TECCI Park, No. 285, Rajiv Gandhi Salai (OMR), Sholinganallur, Chennai – 600119, Tamilnadu, India
Tel. No.:	91-44-66889000
Fax No.:	91-44-66889001
Sales Offices :	Located at : Ahmedabad Bangalore Chennai Coimbatore New Delhi Hyderabad Mumbai

DIRECTORS

As on 30.09.2014

Name :

Mr. Hans Boisen Ramussen

Designation :

Director

Address :

Park Avenue 4 – 1 – 18 F, Chaoyang Gonngyuan Nan LU 6, Chaoyang QU, Beijing – 100026, China

Date of Appointment :

30.09.2013

DIN No.:

06544696

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Director	30/09/2013	01/08/2013	-	Active	NO

Name :

Mr. Rajendran Veerasamy

Designation :

Director

Address :

Flat No. 4D, Block – A, Phase – 2, Plaza Tranquil Acres, 200 Feet Radial Road, Kovilambakkam, Chennai – 600117, Tamilnadu, India

Date of Appointment :

30.09.2014

DIN No.:

06717844

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	U40105KA2002PTC030500	CHITRADURGA WIND POWER PRIVATE LIMITED	Director	29/09/2014	21/10/2013	-	Active	NO
2	U40108TN2001PTC047758	B.B. HILLS WINDFARM DEVELOPMENT PRIVATE LIMITED	Director	26/09/2014	21/10/2013	-	Active	NO
3	U40108TN2000PTC046200	NEGM INFRASTRUCTURE DEVELOPMENT PRIVATE LIMITED	Director	26/09/2014	21/10/2013	-	Active	NO
4	U74999TN2011PTC080928	Jangi Windfarm Development Private Limited	Director	26/09/2014	21/10/2013	-	Active	NO
5	U40105KA2002PTC031011	BELLARY WINDPOWER PRIVATE LIMITED	Director	29/09/2014	21/10/2013	-	Active	NO
6	U40105KA2002PTC030989	MALGATTI WINDPOWER PRIVATE LIMITED	Director	29/09/2014	21/10/2013	-	Active	NO
7	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Director	30/09/2014	21/10/2013	-	Active	NO

Name :

Ms. Pramila Ramussen

Designation :

Director

Address :

Old No. 43, Karaneeshwarar Koil Street, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Appointment :

30.09.2014

DIN No.:

06781162

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Director	30/09/2014	16/01/2014	-	Active	NO

Name :

Mr. John Hammer

Designation :

Director

Address :

The Fern Club Suite, Meluha Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

30.09.2014

DIN No.:

06924387

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	U40101TN1996PTC036871	Vestas Wind Technology India Private Limited	Director	30/09/2014	17/07/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subramanyam Palla
Designation :	Secretary
Address :	298, Old Mahabalipuram Road, Sholinganallur, Chennai – 600119, Tamilnadu, India
Date of Appointment :	21.07.2008
PAN No.:	ALZPP6952A

MAJOR SHAREHOLDERS

As on 30.09.2014

Names of Shareholders	No. of Shares
Vestas India Holding A/S, Denmark	149014999
Wind Power Invest A/S, Denmark	1
Total	149015000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2014

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 the business of offering the complete turkey solutions for the wind power projects.

Products :

Product Description	Item Code No. (ITC Code)
Wind Turbines	85030090

Brand Names :

--

Agencies Held :

--

Exports :

Not Available

Imports :

Not Available

Terms :

Selling :

Not Available

Purchasing :

Not Available

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

• IDBI Bank Limited, P.M. Towers 37, Greams Road, Chennai – 600006, Tamilnadu, India
• ICICI Bank Limited, Landmark, Race Course Circle, Vadodara - 390007, Gujarat, India

Facilities :

--

Auditors :
Name :	Bhaskaran and Company Chartered Accountants
Address :	48 (Old No.150), Eldams Road, Chennai – 600018, Tamilnadu, India
PAN No.:	AAAFB6387K
Memberships :	--
Collaborators :	--
Holding Company :	Vestas India Holding A/S (Formerly known as NEG Micon A/S)
Ultimate Holding Company :	Vestas Wind Systems A/S
Subsidiary :	Negm Infrastructure Development Private Limited B B Hills Windfarm Development Private Limited Chitradurga Wind Power Private Limited Malgatti Wind Power Private Limited Bellary Wind Power Private Limited Jangi Wind Farm Private Limited
Fellow Subsidiary :	Vestas Manufacturing A/S, Denmark Vestas Australia Wind, Australia Vestas Technology Uk Limited Vestas Technology R and D Singapore Vestas Technology R and D Chennai Private Limited, India Vestas Wind Technology, China (Tanjin) Vestas New Zealand Wind Technology, New Zealand Vestas American Wind Technology, America Vestas Korea Wind Technology, Korea Vestas Taiwan Limited, Taiwan Vestas Wind Technology Japan Vestas Nacelles Spain Sau Vestas Nacelles A/S, Denmark Vestas Nacelles Deutschland Vestas Control Systems A/S Vestas Blades A/S Vestas Spain Sa Vestas Spare and Repair A/S Vestas Services Gmbh Vestas Eólica, S.A.U. Vestas Nacelles Spain S.A.U. Vestas Chile Turbinas Eólicas Vestas Asia Pacific Wind Technology Vestas Services Philippines, Inc Vestas Nacelles America Inc.

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.10/- each	Rs.1500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
149015000	Equity Shares	Rs.10/- each	Rs.1490.150 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1490.150	1490.150	1490.150
(b) Reserves & Surplus	1411.190	1520.050	5489.660
(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)	2901.340	3010.200	6979.810
(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	87.110	75.140	215.620
Total Non-current Liabilities (3)	87.110	75.140	215.620
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1022.690	1427.920	1071.930
(c) Other current liabilities	2507.700	3419.270	3006.070
(d) Short-term provisions	147.280	3030.830	121.550
Total Current Liabilities (4)	3677.670	7878.020	4199.550
TOTAL	6666.120	10963.360	11394.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	404.200	574.740	673.860
(ii) Intangible Assets	0.240	0.430	0.720
(iii) Capital work-in-progress	0.000	0.580	4.730
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.860	0.860	0.860
(c) Deferred tax assets (net)	185.480	144.000	43.990
(d) Long-term Loan and Advances	268.910	503.590	275.740
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	859.690	1224.200	999.900
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1920.140	5555.440	5366.610
(c) Trade receivables	1930.850	2120.450	1669.020
(d) Cash and cash equivalents	1434.480	637.020	1344.480
(e) Short-term loans and advances	495.960	1411.360	1975.830
(f) Other current assets	25.000	14.890	39.140
Total Current Assets	5806.430	9739.160	10395.080
TOTAL	6666.120	10963.360	11394.980

PROFIT & LOSS ACCOUNT

	PARTICULARS			31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL (A)		7,951.210	5,047.070	17,515.340
Less	EXPENSES
		TOTAL (B)		7,526.530	4,917.340	16,867.300
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			424.680	129.730	648.040
Less	FINANCIAL EXPENSES (D)			0.550	0.000	0.000
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			424.130	129.730	648.040
Less	DEPRECIATION/ AMORTISATION (F)			112.980	132.030	111.510
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)			311.150	(2.300)	536.530
Less	TAX (H)			420.010	7.710	398.990
	PROFIT/(LOSS) AFTER TAX (G-H) (I)			(108.860)	(10.010)	137.540
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD			384.180	4,837.560	6,521.150
	APPROPRIATIONS
			Interim Dividend on Equity Shares	0.000	856.840	1,005.850
			Tax on Interim Dividend	0.000	139.000	163.170
			Final Dividend on Equity Shares	0.000	2,533.260	0.000
			Tax on Final Dividend	0.000	430.530	0.000
			Transfer to General Reserve	0.000	483.760	652.110
	BALANCE CARRIED TO THE B/S			275.320	384.180	4,837.560
	EARNINGS IN FOREIGN CURRENCY
			FOB value of exports	313.350	0.000	0.000
			IT Export Service	241.400	273.670	270.720
	TOTAL EARNINGS			554.750	273.670	270.720
	IMPORTS
			Components and spares	832.110	1899.340	5269.440
	TOTAL IMPORTS			832.110	1899.340	5269.440
	Earnings / (Loss) Per Share (Rs.)			(0.73)	(0.07)	0.92

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	4.80	(0.02)	4.73
Return on Investment (ROI) (PBT/Networth)		0.11	0.00	0.08
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.58	1.24	2.48

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	1490.150	1490.150	1490.150
Reserves & Surplus	5489.660	1520.050	1411.190
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	6979.810	3010.200	2901.340
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

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	17,515.340	5,047.070	7,951.210
		(71.185)	57.541

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	17,515.340	5,047.070	7,951.210
Profit	137.540	(10.010)	(108.860)
	0.79%	(0.20%)	(1.37%)

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	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	Yes

BUSINESS PERFORMANCE

During the year, the company generated total revenue of Rs.7951.210 Million when compared with previous year of Rs.5047.070 Million. The company earned profit before tax of Rs.311.150 when compared with previous year PBT of loss of Rs.2.300 Million.

The Company reported net loss after tax of Rs.108.860 Million for the financial year ended 31st March, 2014 when compared with previous year of net loss Rs.10.010 Million. The increase of net loss is mainly due to income tax demands relating to Transfer Price Adjustments for previous years.

Subject is continuously reviewing its business plan for activities in India and will in due time consider how to develop a profitable and sustainable business case for India. In terms of liquidity, the company continues to generate cash from operations and has been able to manage working capital requirements and had cash equivalents of Rs.1434.480 Million as on 31st March, 2014.

FUTURE OUTLOOK:

Subject considers India as one of the significant emerging markets within the wind-industry in medium to long term. Subject is continuously reviewing its business plan for activities in India and will in due time consider how to develop a profitable and sustainable business case for India.

Meanwhile Subject has an installed base of over 2000MW in India out of which approximately 1810MW is under service contracts. Subject will continue to service its clients and will honor all existing contracts

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.62.20
UK Pound	1	Rs.94.71
Euro	1	Rs.68.60

INFORMATION DETAILS

Analysis Done by :	RAS
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION		0
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--CREDIT LINES	1~10	4
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.