MIRA INFORM REPORT

Report No. :	347193
Report Date :	30.10.2015

IDENTIFICATION DETAILS

Name :	INABENSA BHARAT PRIVATE LIMITED

Registered Office :	305-306, 3^rdFloor, Eros Corporate Tower, Nehru Place, New Delhi-110019
Tel. No.:	91-11-41608168

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	20.09.2002

Com. Reg. No.:	55-117066

Capital Investment / Paid-up Capital :	Rs. 488.833 Million

CIN No.: [Company Identification No.]	U74999DL2002PTC117066

IEC No.:	0504069659

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AABCI0386D

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is engaged in the Manufacture, Purchase and Sale of Equipment and Components used in Power Industry and Services in respect of Construction/ Erection of High Voltage Electric Transmission Lines / Towers.

No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 1000000

Status :	Satisfactory

Payment Behaviour :	Slow but correct

Litigation :	Clear

Comments :	Subject is a subsidiary of ‘INSTALACIONES INABENSA S.A’, Spain. It is a service provider of power transformation electrical panels, building of transmission lines and manufacturer of equipment and component used in power industry. For the financial year ended 2014, company possesses moderate operating performance and it has incurred losses from its operational activities. On account of losses incurred it has impacted financial profile of the company. However, rating takes into consideration strong financial, managerial and technical support extended by parent entity backed by its well experience management team. Trade relations are reported as fair. Payment terms are reported to be slow but correct. In view of strong holding entity support, the company can be considered for business dealings at usual trade terms and condition.

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

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	FITCH
Rating	Long Term Issuer Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	July 16, 2014

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. Ankit Aggarwal
Designation :	Finance Controller
Contact No.:	91-11-41608168
Date :	28.10.2015

LOCATIONS

Registered Office :	305-306, 3^rdFloor, Eros Corporate Tower, Nehru Place, New Delhi - 110019, India
Tel. No.:	91-11-41608168
Mobile No.:	Not Available
Fax No.:	91-11-46542484
E-Mail :	dkjain@inabensa.abengoa.com
Website :	http://www.abengoa.com

Factory :	Plot No. 188/1, 189-193, Village Chandrapura, Taluka Hatol, District Panchamahal - 390003, Gujarat, India

DIRECTORS

AS ON 31.03.2015

Name :

Mr. Rajesh Kumar Jha

Designation :

Managing Director

Address :

B - 26, 2nd Floor, Panchsheel Enclave, New Delhi - 110017, Delhi, India

Date of Birth/Age :

30.12.1970

Date of Appointment :

25.03.2013

DIN No.:

06442316

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	U74999DL2002PTC117066	INABENSA BHARAT PRIVATE LIMITED	Managing director	25/03/2013	26/12/2012	-	Active	NO
2	U40106DL2011GOI227454	DGEN TRANSMISSION COMPANY LIMITED	Additional director	17/03/2015	17/03/2015	-	Active	NO

Name :	Mr. Gonzalo Gomez Garcia
Designation :	Director
Address :	C. Porvenir 353 C, Sevilla, Sevilla - 41013, Spain
Date of Birth/Age :	27.02.1969
Date of Appointment :	02.09.2014
DIN No.:	06842788

Name :	Mr. Santiago Cabezas Carbonell
Designation :	Director
Address :	C. Federacion 8, Cordoba, Cordoba, Na, Spain
Date of Birth/Age :	01.06.1973
Date of Appointment :	02.09.2014
DIN No.:	06935444

KEY EXECUTIVES

Name :	Mr. Ankit Aggarwal
Designation :	Secretary
Address :	A - 82, Pocket - 2, Paschim Puri, New Delhi, New Delhi - 110063, Delhi, India
Date of Birth/Age :	17.10.1987
PAN No.:	ANPPA5543A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.10.2014

Names of Shareholders		No. of Shares
Instalaciones Inabensa S.A., Spain		3479208
Abener Energia S.A., Spain		02
Europea De Construcciones Metalicas S.A., Spain		2661188
Total		6140398

Equity Share Break up (Percentage of Total Equity)

AS ON 30.10.2014

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 Manufacture, Purchase and Sale of Equipment and Components used in Power Industry and Services in respect of Construction/ Erection of High Voltage Electric Transmission Lines / Towers.

Products :	Not Available

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Available

Imports :	Not Available

Terms :
Selling :	Cash and Credit (30/60/90 Days)

Purchasing :	Cash and Credit (30/60/90 Days)

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 :

End Users and OEM’s

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 :

Not Available

Bankers :

Bank Name	ABN AMRO Bank
Branch	Nehru Place, New Delhi, India
Person Name (With Designation)	Not Available
Contact Number	Not Available
Name of Account Holder	Not Available
Account Number	Not Available
Account Since (Date/Year of Account Opening)	Not Available
Average Balance Maintained (If Possible)	Not Available
Credit Facilities Enjoyed (If any)	Not Available
Account Operation	Not Available
Remarks (If any)	Not Available

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Other Loans and Advances (Secured Loans from Bank)	249.425	159.718
Total	249.425	159.718

Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	Building No. 8, 7^th & 8th Floor, Tower B, DLF Cyber City, Phase III, Gurgaon, Haryana – 122002, India
PAN No. of Auditors Firm:	AAEFP3641G

Memberships :	Not Divulged

Collaborators :	Not Divulged

Holding Company :	Instalaciones Inabensa S.A., Spain

Ultimate Holding company:	Abengoa S.A. (Spain)

Enterprises under common control with whom the Company has transactions:	Instalaciones Inabensa S.A. (Project Office India) Abeinsa Business Development Private Limited ( Earlier known as Abener Engineering Private Limited) Europea de Construcciones Metalicas S.A. (Spain) Abencor Suministros S.A. (Spain) Abener Teyma Mojave General Partnership UTE Abener Teyma Paulputs Ute Inabensa Teyma Peralta Abencor Suministros Chile S.A. Focus Abengoa Fundacion Teyma India Private Limited Instalaciones Inabensa S.A. China Construcciones Metlicas Mexicanas, S.A. De C.V. Simosa IT S.A. IB-PGF-Inabensa(JV)

Other Related Parties who has given corporate guarantee to International Finance Corporation for term loan taken during the year :	Abengoa S.A. Abeinsa Infraestructuras Medio Ambiente, S.A. Abensa, Ingenier Y Construccn Industrial, S.A. Abencor Suministros, S.A. Abener Energa, S.A. Abengoa Bioenerg, S.A. Abengoa Bioenergy Corporation Abengoa Bioenergy New Technologies, Inc. Abengoa Bioenergy Of Nebraska, LLC Abengoa Bioenergy Trading Europe BV Abengoa Concessoes Brasil Holding SA Abengoa Maxico, S.A. De C.V. Abengoa Solar Espa, S.A. Abengoa Water, S.L.U. Abentel Telecomunicaciones, S.A. Abentey Gerenciamento De Proyetos De Engenharia E Construoes, Ltda. Asa Investment Brasil Ltda. Befesa Desulfuracin, S.A. Befesa Gestin De Residuos Industriales, S.L. Befesa Medio Ambiente, S.A. Bioetanol Galicia, S.A. Construcciones Metlicas Mexicanas, S.A. De C.V. Ecoagrcola, S.A. Europea De Construcciones Metlicas, S.A. Inabensa Rio, Ltda. Instalaciones Inabensa, S.A. Negocios Industriales Y Comerciales, S.A. Nicsamex, S.A. De C.V. Siema Technologies, S.L. Teyma Gestin De Contratos De Construccin E Ingeniera, S.A. Teyma Internacional, S.A. Teyma Usa and Abener Engineering and Construction Services Partnership

CAPITAL STRUCTURE

AS ON 30.10.2014

Authorised Capital : Rs. 1020.000 Million

Issued, Subscribed & Paid-up Capital : Rs. 761.766 Million.

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

51,00,000	Equity Shares	Rs.100/- each	Rs. 510.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

48,88,329	Equity Shares	Rs.100/- each	Rs. 488.833 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	488.833	264.861	170.704
(b) Reserves & Surplus	(130.048)	(11.313)	(20.926)
(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)	358.785	253.548	149.778

(3) Non-Current Liabilities
(a) long-term borrowings	846.860	252.080	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	65.757	54.997	20.767
(d) long-term provisions	2.636	1.759	1.150
Total Non-current Liabilities (3)	915.253	308.836	21.917

(4) Current Liabilities
(a) Short term borrowings	249.425	159.718	49.403
(b) Trade payables	196.403	3299.485	699.793
(c) Other current liabilities	109.597	81.338	6.297
(d) Short-term provisions	4.736	0.029	3.967
Total Current Liabilities (4)	560.161	3540.570	759.460

TOTAL	1834.199	4102.954	931.155

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1167.242	245.184	70.008
(ii) Intangible Assets	4.516	0.000	0.000
(iii) Capital work-in-progress	0.000	191.815	9.759
(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	78.445	26.540	29.788
(e) Other Non-current assets	66.267	35.725	30.243
Total Non-Current Assets	1316.470	499.264	139.798

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	79.903	0.000	0.000
(c) Trade receivables	88.161	3304.472	781.587
(d) Cash and cash equivalents	286.479	245.884	8.830
(e) Short-term loans and advances	59.538	44.242	0.940
(f) Other current assets	3.648	9.092	0.000
Total Current Assets	517.729	3603.690	791.357

TOTAL	1834.199	4102.954	931.155

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	2425.172	5501.918	1522.158
	Other Income	147.202	29.126	1.930
	TOTAL SALES	2572.374	5531.044	1524.088

Less	TOTAL EXPENSES	2658.752	5484.463	1465.345

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	(86.378)	46.581	58.743

Less	FINANCIAL EXPENSES	19.311	6.354	3.912

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	(105.689)	40.227	54.831

Less	DEPRECIATION/ AMORTISATION	8.611	22.642	19.882

	PROFIT/ (LOSS) BEFORE TAX	(114.300)	17.585	34.949

Less	TAX	4.435	7.972	0.025

	PROFIT/ (LOSS) AFTER TAX	(118.735)	9.613	34.924

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(11.313)	(20.926)	(55.850)

	BALANCE CARRIED TO THE BALANCE SHEET	(130.048)	(11.313)	(20.926)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	2251.637	5313.402	1365.565
	TOTAL EARNINGS	2251.637	5313.402	1365.565

	EARNINGS / (LOSS) PER SHARE (RS.)	(24.29)	3.63	20.46

Particulars

31.03.2015

Sales Turnover (Approximately)

3000.000

The above information has been parted by Mr. Ankit Aggarwal (Secretary).

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Cash generated from (Used) operations	(139.656)	127.297	34.949
Cash generated from Operating Activities	(146.690)	112.344	34.949

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(4.90)	0.17	2.29

Operating Profit Margin (PBIDT/Sales)	(%)	(3.56)	0.85	3.86

Return on Total Assets (PBT/Total Assets}	(%)	(6.23)	0.45	3.79

Return on Investment (ROI) (PBT/Networth)		(0.32)	0.07	0.23

Debt Equity Ratio (Total Debt /Networth)		3.06	1.62	0.33

Current Ratio (Current Asset/Current Liability)		0.92	1.02	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	170.704	264.861	488.833
Reserves & Surplus	(20.926)	(11.313)	(130.048)
Net worth	149.778	253.548	358.785

long-term borrowings	0.000	252.080	846.860
Short term borrowings	49.403	159.718	249.425
Total borrowings	49.403	411.798	1096.285
Debt/Equity ratio	0.330	1.624	3.056

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
Sales	1522.158	5501.918	2425.172
		261.455	(55.921)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Million	Rs. In Million	Rs. In Million
Sales	1522.158	5501.918	2425.172
Profit/ Loss	34.924	9.613	(118.735)
	2.29%	0.17%	(4.90%)

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	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

NOTES: Registered office has been shifted from 902, 9^th Floor, Eros Corporate Tower, Nehru Place, New Delhi-110019, India to the present address w.e.f. 02.02.2012.

GENERAL INFORMATION:

Inabensa Bharat Private Limited (the Company') is principally engaged in the manufacture, purchase and sale of equipment and components used in power industry and services in respect of construction/ erection of high voltage electric transmission lines / towers. The Company was incorporated on September 20, 2002, under Indian Companies Act, 1956. The Company is a subsidiary of Instalaciones Inabensa S.A., Spain. The ultimate holding company is Abengoa S.A. Spain.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Long-term Borrowings
Term loans from banks	846.860	252.080
Total	846.860	252.080

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10585938	20/07/2015	584,320,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	C61682233
2	10527033	15/10/2014	359,600,000.00	EXPORT IMPORT BANK OF INDIA	CENTRE ONE BUILDING, FLOOR 21,, WORLD TRADE CENTER COMPLEX, CUFFE PARADE,, MUMBAI, MAHARASHTRA - 400005, INDIA	C30534275

FIXED ASSETS

Land and Building
Furniture’s and Fixtures
Office Equipment
Computer
Vehicles

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. 65.015
UK Pound	1	Rs. 99.36
Euro	1	Rs. 71.25

INFORMATION DETAILS

Information Gathered by :	PPT

Analysis Done by :	KRN

Report Prepared by :	SYL

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		42

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

Unit