MIRA INFORM REPORT

Report No. :	345702
Report Date :	20.10.2015

IDENTIFICATION DETAILS

Name :	LAUREN JYOTI PRIVATE LIMITED
Registered Office :	Valecha Chambers, 6^th Floor, New Link Road, Andheri West, Mumbai – 400053, Maharashtra
Tel. No.:	91-22-40915000
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	22.03.2011
Com. Reg. No.:	11-215114
Capital Investment / Paid-up Capital :	Rs. 100.000 Million
CIN No.: [Company Identification No.]	U45200MH2011FTC215114
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUML08264E
PAN No.: [Permanent Account No.]	AACCL0375J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Dealer of various components or equipments of solar energy and constructs infrastructure related solar power transmission.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (14)

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 :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject.is a 50:50 joint venture company of Lauren Engineers and Constructors Inc., USA and Jyoti Structures Limited, India. As per registrar of companies the date of balance sheet (i.e. financial field) is shown as 31.03.2014 but documents related to financial for the year ending 2014 is not available from any source. However, the rating takes into consideration available financials of the year 2013. The company has incurred losses from its operations which has eroded the networth of the company in the year under consideration. However, trade relations are fair. Business is active. Payment terms are reported to be slow. In view of risk associated with the unavailability of latest financials, the company can be considered for business dealings with fully 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 – 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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 31-03-2015.

INFORMATION DECLINED BY

Name :	Mr. Niiranjan
Designation :	Project Department
Contact No.:	91-22-40915000
Date :	19.10.2015

LOCATIONS

Registered Office :	Valecha Chambers, 6^th Floor, New Link Road, Andheri West, Mumbai – 400053, Maharashtra, India
Tel. No.:	91-22-40915000
Fax No.:	91-22-40915014
E-Mail :	contact@laurenivoti.com investor@jsl.in

DIRECTORS

AS ON 30.09.2014

Name :

Charles Cleveland Whitener

Designation :

Director

Address :

1147, Elmwood, Abilene - 79605, United States of America

Date of Birth/Age :

22.09.1949

Date of Appointment :

02.07.2012

DIN No.:

03441341

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	U74120MH2011PTC213548	LAUREN BHARAT ENGINEERING PRIVATE LIMITED	Director	28/06/2012	25/02/2011	-	Active	NO
2	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Director	2/7/2012	8/6/2011	-	Active	NO

Name :

Prakash Kanayalal Thakur

Designation :

Director

Address :

Brighton Bunglow, No. 11, Lokhandwala Complex, Andheri West, Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

28.02.1969

Date of Appointment :

02.07.2012

DIN No.:

01421897

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	L45200MH1974PLC017494	JYOTI STRUCTURES LIMITED	Director	1/4/2014	26/07/2007	-	Active	NO
2	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Director	2/7/2012	29/08/2011	-	Active	NO
3	U74900MH2008PTC178060	MOD AGE CONSULTANTS & ADVISORY SERVICES PRIVATE LIMITED	Director	14/09/2013	1/7/2013	-	Active	NO
4	U70102MH2007PTC174574	SURYA INDIA FINGROWTH PRIVATE LIMITED	Additional director	30/09/2013	30/09/2013	-	Active	NO

Name :

Tushar Madhukar Shahane

Designation :

Director

Address :

Ninad Plot No. 39, Gulmohar Path, Amar Co-Operative Housing Society, Pune – 411004, Maharashtra, India

Date of Birth/Age :

27.12.1968

Date of Appointment :

02.07.2012

DIN No.:

02687040

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	U45200MH1982PTC027779	SHAHANE ESTATES PVT LTD	Director	4/9/1989	4/9/1989	3/5/2010	Strike off	NO
2	U51900MH1982PTC027959	SHAHANE INVESTMENTS PVT LTD	Director	4/9/1989	4/9/1989	1/9/2009	Strike off	NO
3	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Director	2/7/2012	26/09/2011	-	Active	NO
4	U74120MH2011PTC213548	LAUREN BHARAT ENGINEERING PRIVATE LIMITED	Director	28/06/2012	24/01/2012	-	Active	NO

Name :

Ronald Scott Johnson

Designation :

Director

Address :

8625, Remuda Drive, Abilene Texas, 79602, United States Of America

Date of Appointment :

03.11.2014

DIN No.:

06488718

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	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Director	3/11/2014	26/03/2013	-	Active	NO
2	U74120MH2011PTC213548	LAUREN BHARAT ENGINEERING PRIVATE LIMITED	Director	24/09/2013	20/06/2013	-	Active	NO

Name :

Lachhman Hashoomal Khilnani

Designation :

Alternate director

Address :

15/22, Triveni, New Link Road,, Andheri (West), Mumbai - 400102, Maharashtra, India

Date of Appointment :

30.10.2014

DIN No.:

00001279

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	U28999MH1980PLC022966	JSL STRUCTURES LIMITED CN	Director	3/4/2003	3/4/2003	-	Amalgamated	NO
2	U40108MH2001PLC132635	JYOTI ENERGY LIMITED	Director	3/5/2003	3/5/2003	12/1/2015	Active	NO
3	U74900MH2008PTC178060	MOD AGE CONSULTANTS & ADVISORY SERVICES PRIVATE LIMITED	Director	21/01/2008	21/01/2008	1/7/2013	Active	NO
4	U22219MH2011PTC215458	INFINITY PRINT PACK PRIVATE LIMITED	Director	29/03/2011	29/03/2011	31/03/2011	Active	NO
5	U65923MH1993PLC075210	JSL CORPORATE SERVICES LIMITED	Director	22/09/2014	31/03/2014	12/1/2015	Active	NO
6	U45200MH2011FTC215114	LAUREN JYOTI PRIVATE LIMITED	Alternate director	30/10/2014	30/10/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Niiranjan
Designation :	Project Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares	%age holding
Lauren Engineers and Constructors Maruritius Limited	5000000	50.00
Jyoti Structure Limited	5000000	50.00
Total	10000000	100.00

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	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealer of various components or equipments of solar energy and constructs infrastructure related solar power transmission.

Products :

Item Code No.	Product Description
99833243	Construction services

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
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 :	Not Divulged
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 :

Information declined by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
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

Banking Relations :
Financial Institution :	IDBI Trusteeship Services Limited, Asian Building, Ground Floor 17, R.K. Kamani Marg, Ballard Estate, Mumbai-400001, Maharashtra, India
Auditors :
Name :	M.P. Chitale and Company Chartered Accountants
Address :	First Floor, Hamam House, Ambalal Doshi Marg, Fort, Mumbai-400001, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFM2282Q
Memberships :	Not Available
Collaborators :	Not Available
Joint venture (As on 31.03.2013) :	· Jyoti Structures Limited, India [L45200MH1974PLC017494] · Lauren Engineers and Contractors Mauritius Limited
Enterprises which are owned, or have significant influence of or are partners with Key Management personnel and their relatives (As on 31.03.2013) :	· Lauren CCL Engineers Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
25,000,000	Equity Shares	Rs. 10/- each	Rs. 250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10,000,000	Equity Shares	Rs. 10/- each	Rs. 100.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	100.000
(b) Reserves & Surplus	(912.339)	(4.417)
(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)	(812.339)	95.583
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.672	0.141
(c) Other long term liabilities	0.000	686.686
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	0.672	686.827
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	728.405	63.129
(c) Other current liabilities	108.030	80.325
(d) Short-term provisions	633.800	0.000
Total Current Liabilities (4)	1470.235	143.454
TOTAL	658.568	925.864
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	29.516	8.640
(ii) Intangible Assets	0.101	0.033
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	5.257	3.460
(e) Other Non-current assets	0.000	7.184
Total Non-Current Assets	34.874	19.317
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	452.287	275.437
(c) Trade receivables	16.603	60.431
(d) Cash and cash equivalents	8.442	135.234
(e) Short-term loans and advances	146.362	435.445
(f) Other current assets	0.000	0.000
Total Current Assets	623.694	906.547
TOTAL	658.568	925.864

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	6328.400	275.357
		Other Income	6.000	4.305
		TOTAL (A)	6334.400	279.662
Less	EXPENSES
		TOTAL (B)	7173.600	278.649
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(839.200)	1.013
Less	FINANCIAL EXPENSES (D)		12.600	5.042
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(851.800)	(4.029)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.600	0.246
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(907.400)	(4.275)
Less	TAX (H)		0.500	0.142
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		(907.900)	(4.417)
	Earnings / (Loss) Per Share (Rs.)		(90.79)	(0.44)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA
Cash generated from operations	NA	NA
Net cash flows from (used in) operations	(55.528)	39.848

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(14.35)	(1.60)
Operating Profit Margin (PBIDT/Sales)	(%)	(13.26)	0.37
Return on Total Assets (PBT/Total Assets}	(%)	(137.78)	(0.46)
Return on Investment (ROI) (PBT/Networth)		1.12	(0.04)
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.42	6.32

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Share Capital	100.000	100.000
Reserves & Surplus	(4.417)	(912.339)
Money received against share warrants	0.000	0.000
Share Application money pending allotment	0.000	0.000
Net worth	95.583	(812.339)
long-term borrowings	0.000	0.000
Short term borrowings	0.000	0.000
Total borrowings	0.000	0.000
Debt/Equity ratio	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	275.357	6328.400
		2,198.253

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)
Sales	275.357	6328.400
Profit	(4.417)	(907.900)
	(1.60%)	(14.35%)

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)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
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	No
26	Turnover of firm for last two years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last two years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10340547	20/01/2012	5,690,600,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba  llard Estate,, MUMBAI, Maharashtra - 400001, INDIA	B34308999
2	10340597	20/01/2012	5,690,600,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	Asian Bldg., Ground Floor, 17, R.Kamani Marg,, Ba  llard Estate,, MUMBAI, Maharashtra - 400001, INDIA	B34303594

FIXED ASSETS

Tangible assets

· Buildings

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Office Equipment

· Computer Equipment

Intangible assets

· Computer software

PRESS RELEASES

JYOTI STRUCTURES IN JV WITH US-BASED LAUREN ENGINEERS
SEPTEMBER 15, 2011

Jyoti Structures has entered into a joint venture with US-based Lauren Engineers and Constructors in its aim to tap more EPC (engineering, procurement and construction) business, especially in power generation and oil and gas sectors.

Jyoti Structures has entered into a joint venture with US-based Lauren Engineers and Constructors in its aim to tap more EPC (engineering, procurement and construction) business, especially in power generation and oil and gas sectors.

Following the deal, Jyoti has also acquired a 50% stake in Lauren Engineers and Constructors India, it said Thursday.

The financial terms and conditions of the deal were not disclosed by the company.

Jyoti Structures further said that the JV company, which is being re-named Lauren Jyoti Private Limited, has won Rs 5510.000 Million worth contract from Godavari Green Energy to set up a 50 mega watt solar thermal power plant in Jaisalmer district of Rajasthan.

The power plant will feed power to the state grid by May 2013, it said.

Jyoti Structures shares surged 6% post the announcement. At 11:45 hrs, the stock was up 2.7% at Rs 71.15 on NSE.

E 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.64.82
UK Pound	1	Rs.100.12
Euro	1	Rs.73.75

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KIN
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION		--
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	2
--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		14

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.