MIRA INFORM REPORT

Report Date :

28.12.2011

IDENTIFICATION DETAILS

Name :	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED
Registered Office :	Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M Joshi Marg, Mumbai – 400011, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	12.05.2005
Com. Reg. No.:	11-153232
Capital Investment / Paid-up Capital :	Rs.1240.795 Millions
CIN No.: [Company Identification No.]	U63040MH2005PTC153232
TAN No.: [Tax Deduction & Collection Account No.]	MUMC13858F
PAN No.: [Permanent Account No.]	AACCC6016B
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in the business of providing online travel and hostel booking services.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 630000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.

NOTES :

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

INFORMATION DECLINED BY

Management non co-operative.

LOCATIONS

Registered Office :	Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M Joshi Marg, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-40504000
Fax No.:	91-22-40504050
E-Mail :	rashmi.guptey@cleartrip.com brijbala.batwal@cleartrip.com namita.pradhan@cleartrip.com
Website :	http://www.cleartrip.com/

DIRECTORS

As on 28.09.2011

Name :

Mr. Stuart Richard Nairn Crighton

Designation :

Director

Address :

Flat No. 112, Land Mark Building, Carter Road, Bandra East, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

28.02.1970

Date of Appointment :

09.12.2005

Din No.:

00276524

Name :

Mr. Sandeep Varajpur Murthy

Designation :

Director

Address :

232, Urvashi Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.11.1976

Date of Appointment :

26.02.2008

Din No.:

00591165

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L74899DL1995PLC068021	INFO EDGE (INDIA) LIMITED	Nominee director	27-07-07	14-07-06	30-04-10	Active	NO
2	U72200MH2006PTC205023	PAYMATE INDIA PRIVATE LIMITED	Nominee director	16-11-06	16-11-06	-	Active	NO
3	U74899DL1995PTC065551	C.E. INFO SYSTEMS PRIVATE LIMITED	Director	31-08-07	31-03-07	-	Active	NO
4	U74999DL2007FTC162833	SHERPALO INDIA ADVISORS PRIVATE LIMITED	Director	01-05-07	01-05-07	-	Active	NO
5	U52399MH2007PLC171178	FUTURE E-COMMERCE INFRASTRUCTURE LIMITED	Director	22-11-08	24-10-07	-	Active	NO
6	U72900KA2006PTC041118	ZOOMIN ONLINE (INDIA) PRIVATE LIMITED	Director	30-09-08	15-11-07	-	Active	NO
7	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	20-09-08	26-02-08	-	Active	NO
8	U72200KA2006PTC040763	INMOBI TECHNOLOGIES PRIVATE LIMITED	Director	01-07-08	01-07-08	-	Active	NO
9	U40100MH1997PTC110591	KOTAKURJA PRIVATE LIMITED	Director	30-09-09	01-10-08	-	Active	NO
10	U63030DL2008PTC180429	REVERSE LOGISTICS COMPANY PRIVATE LIMITED	Director	30-09-10	17-05-10	-	Active	NO

Name :

Mr. Mohanjit Singh Jolly

Designation :

Director

Address :

Villa B 187 Prestige Ozone, Whitefeild Road, Bangalore – 560066, Karnataka, India

Date of Birth/Age :

12.11.1969

Date of Appointment :

26.02.2008

Din No.:

01816801

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72300AP2007PTC053606	GINGERSOFT MEDIA PRIVATE LIMITED	Nominee director	01-10-07	01-10-07	17-01-09	Active	NO
2	U74140KA2007FTC043464	DRAPER FISHER JURVETSON INDIA ADVISORY SERVICES PRIVATE LIMITED	Managing director	01-07-10	04-10-07	-	Active	NO
3	U92111KA2007PTC041671	CANVERA DIGITAL TECHNOLOGIES PRIVATE LIMITED	Director	31-07-08	11-10-07	-	Active	NO
4	U34101KA1996PTC020195	MAHINDRA REVA ELECTRIC VEHICLES PRIVATE LIMITED	Director	29-09-08	17-11-07	14-05-10	Active	NO
5	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	20-09-08	26-02-08	-	Active	NO
6	U28931UR2008PTC032573	ATTERO RECYCLING PRIVATE LIMITED.	Nominee director	25-05-08	25-05-08	-	Active	NO
7	U74992MH2006FTC159468	MCHEK INDIA PAYMENT SYSTEMS PRIVATE LIMITED	Director	26-09-09	02-02-09	01-02-11	Active	NO
8	U74300AP2006PLC051031	PRESSMART MEDIA LIMITED	Director	15-09-09	15-09-09	10-05-11	Active	NO

Name :

Mr. Avnish Sarabjit Bajaj

Designation :

Director

Address :

6^th Floor Aroma Residency, 14^th Road Khar West, Mumbai – 400052, Maharashtra, India

Date of Birth/Age :

16.07.1970

Date of Appointment :

09.12.2005

Din No.:

00281547

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	09-12-05	09-12-05	-	Active	NO
2	U67190MH2006PTC162457	MATRIX INDIA ASSET ADVISORS PRIVATE LIMITED	Director	29-05-06	29-05-06	-	Active	NO
3	U92110MH2004PTC144691	DIGITAL MUSIC (INDIA) PRIVATE LIMITED	Director	19-03-08	18-05-07	09-04-08	Active	YES
4	U55101DL2002PTC117205	MOODS HOSPITALITY PRIVATE LIMITED	Director	30-08-07	30-08-07	18-03-11	Active	NO
5	U74999MH2006PLC160835	ITZ CASH CARD LIMITED	Nominee director	29-08-08	04-10-07	-	Active	NO
6	U74899DL1996PLC081127	BHARTIYA SAMRUDDHI FINANCE LIMITED	Nominee director	23-07-10	29-04-10	29-07-11	Active	NO
7	U85120DL2002PTC115652	NEW DELHI CENTRE FOR SIGHT PRIVATE LIMITED	Nominee director	14-10-10	14-10-10	-	Active	NO
8	U72900PN1989PTC054103	CHETAS CONTROL SYSTEMS PRIVATE LIMITED	Director	14-03-11	14-03-11	-	Active	NO
9	U85110KA2005PTC037953	KIDS CLINIC INDIA PRIVATE LIMITED	Nominee director	27-05-11	27-05-11	-	Active	NO

Name :

Mr. Sridar Aravamudhan Iyengar

Designation :

Additional Director

Address :

85, Fair Oaks Lane, Atherton –CA94027

Date of Birth/Age :

13.08.1947

Date of Appointment :

28.07.2010

Din No.:

00278512

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L85110KA1981PLC013115	INFOSYS LIMITED	Director	10-04-03	10-04-03	Active	NO
2	U72200KA2002PLC030310	INFOSYS BPO LIMITED	Director	01-06-05	17-09-04	Active	NO
3	U22100MH1996PLC096077	REDIFF. COM INDIA LIMITED	Director	28-09-04	28-09-04	Active	NO
4	L65190GJ1994PLC021012	ICICI BANK LIMITED	Director	30-04-05	30-04-05	Active	NO
5	L64202KA2000PLC027860	ONMOBILE GLOBAL LIMITED	Director	24-07-06	24-07-06	Active	NO
6	U74899DL1996PLC078481	CL EDUCATE LIMITED	Director	18-01-08	17-10-07	Active	NO
7	L55101TN1996PLC036595	MAHINDRA HOLIDAYS AND RESORTS INDIA LIMITED	Director	19-06-08	30-04-08	Active	NO
8	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	21-09-10	28-07-10	Active	NO
9	U66010MH2000PLC127837	ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED	Director	19-07-11	20-10-10	Active	NO
10	L85195AP1984PLC004507	DR.REDDY'S LABORATORIES LIMITED	Additional director	22-08-11	22-08-11	Active	NO

Name :

Mr. Sudhir Gopal Singh

Designation :

Director

Address :

3614, Evergreen Point Road, Medina, Washington, Pin Code 98039

Date of Birth/Age :

12.08.1961

Date of Appointment :

26.05.2011

Din No.:

03163769

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U72900KA2010PTC055286	Concur Technologies (India) Private Limited	Additional director	22-10-10	22-10-10	Active	NO
2	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	28-09-11	26-05-11	Active	NO

Name :

Mr. John Theodore Torrey

Designation :

Director

Address :

221, W Poplar Ave San, Mateo, California, Pin Code 94402

Date of Birth/Age :

31.10.1972

Date of Appointment :

26.05.2011

Din No.:

03535384

Other Directorship:

S. No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U63040MH2005PTC153232	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED	Director	28-09-11	26-05-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Brijbala Mohanlal Batwal
Designation :	Secretary
Address :	B 1, 602, Building No. 10, Durga Sadan, CHS, Tilak Nagar, Chembur, Mumbai-400089, Maharashtra, India
Date of Birth/Age :	01.10.1975
Date of Appointment :	01.12.2010
Pan No.:	AFGPP7738B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2011

Names of Shareholders	No. of Shares
Cleartrip INC, Cayman Islands	1
Cleartrip INC, Mauritius	124079519
Total	124079520

As on 28.09.2011

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of providing online travel and hostel booking services.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· Axis Bank Limited, Jeevan Parakash Building, Sir P M Road, Fort, Mumbai-400001, Maharashtra, India

· Allahabad Bank, 35-41, Hotel Hiramani Compound, Dr. Ambedkar Road, Parel, Mumbai-400012, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Working Capital Loans [Secured against hypothecation on the entire fixed assets, current assets of the company]	308.599	0.000
Total	308.599	0.000

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	KPMG House Kamala Mills, Lower Parel, Senapati Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India
Tel. No.:	91-22-39896000
Fax No.:	91-22-39836000
Holding Company:	Cleartrip INC, Mauritius
Ultimate Holding Company:	Cleartrip Inc, Cayman Islands

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
124100000	Equity Shares	Rs.10/- each	Rs.1241.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
124079520	Equity Shares	Rs.10/- each	Rs.1240.795 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1240.795	1240.795	1139.395
2] Share Application Money		0.000	0.000	101.400
3] Reserves & Surplus		102.600	16.348	2.900
4] (Accumulated Losses)		(1183.817)	(789.487)	(850.236)
NETWORTH		159.578	467.656	393.459
LOAN FUNDS
1] Secured Loans		308.599	0.000	0.348
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		308.599	0.000	0.348
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
EMPLOYEE STOCK OPTION		0.000	0.000	10.280
TOTAL		468.177	467.656	404.087
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		137.451	90.307	90.759
Capital work-in-progress		7.025	12.944	0.000
INVESTMENT		0.000	47.000	18.044
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	120.982	46.309	44.168
	Cash & Bank Balances	326.613	309.451	207.392
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	310.753	227.216	148.946
Total Current Assets		758.348	582.976	400.506
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	406.040	251.810	84.834
	Other Current Liabilities	22.305	8.656	9.365
	Provisions	6.302	5.105	11.023
Total Current Liabilities		434.647	265.571	105.222
Net Current Assets		323.701	317.405	295.284
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		468.177	467.656	404.087

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income (Revenue for Commission and others)	864.800	511.410	312.740
		Other Income	65.960	38.310	22.455
		Less: Discount	158.930	23.640	0.000
		TOTAL (GROSS REVENUE) (A)	771.830	526.080	335.195
Less	EXPENSES
		Office Expenses
		Administrative Expenses	1100.350	433.880	535.232
		Advertising Expenses
		TOTAL (B)	1100.350	433.880	535.232
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(328.520)	92.200	(200.037)
Less	FINANCIAL EXPENSES (D)		9.260	0.330	0.034
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(337.780)	91.870	(200.071)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		56.550	31.120	44.222
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(394.330)	60.750	(244.293)
Less	TAX (H)		0.000	0.000	2.021
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(394.330)	60.750	(246.314)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(789.490)	(850.240)	(603.922)
	BALANCE CARRIED TO THE B/S		(1183.820)	(789.490)	(850.236)
	Earnings / (Loss) Per Share (Rs.)		(3.17)	0.49	(2.37)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(51.09)	11.55	(73.48)
Net Profit Margin (PBT/Sales)	(%)	(45.60)	11.88	(78.11)
Return on Total Assets (PBT/Total Assets}	(%)	(44.02)	9.02	(49.73)
Return on Investment (ROI) (PBT/Networth)		(2.47)	0.13	(0.73)
Debt Equity Ratio (Total Liability/Networth)		4.65	0.57	0.27
Current Ratio (Current Asset/Current Liability)		1.74	2.20	3.81

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)
Sundry Creditors	406.040	251.810	84.834

NOTE: Registered office of the company has been shifted from 126-New Mahalaxmi Silk Mills, Mathurdas Mill Compound, N. M. Joshi Marg, Lower Parel (West), Mumbai, Maharashtra to the present address w.e.f. 06.08.2008

BACKGROUND:

Subject was incorporated as a Private Limited company on 12 May 2005. The company is in the business of providing online travel and hostel booking services which provides its customers an opportunity to book airline tickets, train tickets and hotel accommodations through its online web portal.

On 31 March 2006, the company, pursuant to a share purchase agreement between Cleartrip Inc, Mauritius and the shareholders of the company, allotted 9999 equity Share of the face value of Rs. 10 each to Clear Trip Inc, Mauritius and 1 share to Cleartrip Inc, Cayman Islands, Consequently , the company became a wholly owned subsidiary of Cleartrip Inc, Mauritius.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Creation of charge
Corporate identity number of the company	U63040MH2005PTC153232
Name of the company	CLEARTRIP TRAVEL SERVICES PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Unit No. 1, Ground Floor, DTC Building, Sitaram Mill Compound, N M Joshi Marg, Mumbai – 400011, Maharashtra, India
Type of charge	Book Debts Movable Property (not being pledge)
Particular of charge holder	Allahabad Bank, 35-41, Hotel Hiramani Compound, Dr. Ambedkar Road, Parel, Mumbai-400012, Maharashtra, India
Email	akgupta1155@yahoo.in
Nature of description of the instrument creating or modifying the charge	Hypothecation Agreement executed on 20th April, 2011 between Cleartrip Travel Services Private Limited and Allahabad Bank
Date of instrument Creating the charge	20.04.2011
Amount secured by the charge	Rs.150.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per Sanction letter of the Bank Terms of Repayment On Demand Margin Not Applicable ( As Overdraft facility has been availed) Extent and Operation of the charge Charge over stocks, book debts and other assets of the company, both present and future and charge over fixed assets of the company, both ranking pari passu with Axis Bank as per Hypothecation Agreement dated 20th April, 2011.
Short particulars of the property charged	Primary security: Charge over stocks, book debts and other assets of the company, both present and future Collateral security: charge over fixed assets of the company

CONTINGENT LIABILITIES

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Claims against the company not acknowledged as debts	1.185	1.831
Bank guarantees	2.625	201.325
Total	3.810	203.156

FIXED ASSETS:

• Computers
• Furniture and Fixture
• Office Equipments
• Motor Car
• Leasehold Improvements

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 records 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.52.89
UK Pound	1	Rs.82.71
Euro	1	Rs.69.15

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--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
TOTAL		26

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.