MIRA INFORM REPORT

Report Date :

31.03.2011

IDENTIFICATION DETAILS

Name :	SAVEX COMPUTERS LIMITED
Registered Office :	124-B, Maker Chambers III, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.02.1988
Com. Reg. No.:	11-46237
CIN No.: [Company Identification No.]	U31909MH1988PLC046237
TAN No.: [Tax Deduction & Collection Account No.]	MUMS37240A
PAN No.: [Permanent Account No.]	AAACS5547
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturers, Dealers, Importers and Exporters of all kinds of electronic goods, components, materials, sub-assemblies, instruments, devices and systems.

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 1800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Azmera
Designation :	Accounts Department
Date :	30.03.2011

LOCATIONS

Registered Office / Factory / Head Office :	124-B, Maker Chambers III, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22881616 / 1717 / 22799999
Fax No.:	91-22-22041656
E-Mail :	savex@bom3.vsnl.net.in ho@savexcomputers.com savex@vsnl.com
Website :	http://www.savex.org
Warehouse	B-4, Mitul Industrial Estate, Village Valiv, Vasai Road, I. E. District, Thane – 401208, Maharashtra, India
Branches :	Located at · Mumbai · Vasai · Ahmedabad · Baroda · Bangalore · Kolkata · Chennai · Coimbatore · Chandigarh · Cochin · Ludhiana · Delhi · Noida · Jaipur · Lucknow · Pune · Hyderabad · Surat · Nashik · Nagpur · Indore · Raipur · Vijaywada · Dehradun · Gurgaon · Trivandrum · Goa · Ranchi · Patna · Madurai · Vishakhapatnam · Parwanoo · Mangalore · Bhubaneshwar · Calicut · Guwahati · Kanpur · Varanasi · Jammu
Overseas Office :	3, Shenton Way, # 12-09 Shenton House, Singapore – 068805

DIRECTORS

AS ON 20.09.2010

Name :	Mr. Anil Ishwarlal Jagasia
Designation :	Chairman Cum Managing Director
Address :	16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	24.08.1960
Qualification :	B.E.
Date of Appointment :	16.02.1988
Previous Employment	Savex Corporation – Managing Partner (2 years)
Email :	anil@savexcomputers.com
Name :	Mrs. Anuradha Anil Jagasia
Designation :	Whole Time Director
Address :	16, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	15.06.1962
Date of Appointment :	16.02.1988
Name :	Mr. Devang A. Pandya
Designation :	Whole Time Director
Address :	13, Vora Bhuvan, King Circle, Matunga, Mumbai – 400 019, Maharashtra, India
Date of Birth/Age :	05.06.1964
Date of Appointment :	23.10.2001
Name :	Mr. Jayant H Goradia
Designation :	Whole Time Director
Address :	203, Asha Niketan, Baptista Road, Vile Parle (West), Mumbai – 400056, Maharashtra, India
Date of Birth/Age :	04.09.1960
Date of Appointment :	23.10.2001
Email:	mohan@savexcomputers.com
Name :	Mr. Raunak Anil Jagasia
Designation :	Director
Address :	16/A, Soona Mahal, 143, Marine Drive, Mumbai – 400020, Maharashtra, India

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.09.2010

Names of Shareholders	No. of Shares
Anil Ishwarlal Jagasia	199100
Anil Ishwarlal Jagasia J/W Anuradha A. Jagasia	3598200
Anuradha A. Jagasia	200
Anuradha A. Jagasia J/W Anil Ishwarlal Jagasia	600
Deepak L. Dudhane	200
Deepak L. Dudhane J/W Sreedhara D. Dudhane	600
Raunak A. Jagasia	50000
Raunak A. Jagasia J/W Anuradha A. Jagasia	150000
Ravindra L. Dudhane	200
Ravindra L. Dudhane J/W Anita R. Dudhane	600
Savitri I. Jagasia	100
Devang A. Pandya	100
Jayant Goradia	100
Total	4000000

AS ON 20.09.2010

Category	Percentage
Directors and relatives of directors	99.96
Other top fifty (50) Shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturers, Dealers, Importers and Exporters of all kinds of electronic goods, components, materials, sub-assemblies, instruments, devices and systems.

Products :

Products Description	Item Code No.
Computers Parts and Associates	8471

· Computers

· Peripherals

· Electronic goods

· Components

· Materials

· Sub-assemblies

· Instruments

· Devices

· Systems

GENERAL INFORMATION

Suppliers :

· Aditya Infotech Private Limited

· Allion Computer Inc.

· Lanbit India Private Limited

· Redington India Private Limited

· Samsung Electronics Company Limited (Display), (Indonesia), (Korea)

· View Sonic International Corporation, (Malaysia)

· Savex Enterprises

Customers :

· 3 Com India Private Limited

· Add-on Infotech Private Limited

· BIIT Computers

· Delstar Systems and Services

· Eureka Forbes Limited

· Gemini Infotech Private Limited

· International Roofs Electronics Systems Private Limited

· Kunbar Peripherals Private Limited

· Lanbit Peripherals Private Limited

· Mini Comp Limited

· Novo Computers Private Limited

· Pacific Infotech Private Limited

· PCS Industries Limited

· S. D. Computers Limited

· Sujata Electronics Limited

· Zenith Computers Limited

No. of Employees :

200 (Approximately)

Bankers :

· Bank of Baroda

· Syndicate Bank

· State Bank of Hyderabad

· IDBI Bank

· CITI Bank NA, Bandra Kurla Complex, Bandra (East), Mumbai -400051, Maharashtra,

· India Centurion Bank, Mumbai, Indore

· HDFC Bank, Chennai, Coimbatore

· Union Bank of India, Nariman Point, Mumbai, Maharashtra, India

· Union Bank of India, Tardeo Branch, 251-B, Sethna House, Mumbai - 400 007, Maharashtra, India

· Standard Chartered Bank 90, M G Road, Fort, Mumbai – 400001, Maharashtra, India

· The Hong Kong and Shanghai Banking Corporation Limited, 52/60, M G Road, Fort, Mumbai – 400 001, Maharashtra, India

· ING Vysya Bank Limited, Mittal Towers, A-Wing Ground Floor 210, Nariman Point, Mumbai – 400021, Maharashtra, India

· Citi Bank N.A. Citi Tower, Dr. S S Rao Road, Parel, Mumbai – 400 012, Maharashtra, India

· Barclays Bank Plc 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -400018, Maharashtra, INDIA

Facilities :

Secured Loans	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
Loans and Advances
From Banks Secured against stocks, book debts, immovable properties and Personal guarantee of directors	1529.297	572.961
Total	1529.297	572.961
Unsecured Loans	(As on 31.03.2010) Rs. in millions	(As on 31.03.2009) Rs. in millions
Short Term Loans and Advances
Directors	120.000	110.000
Others	--	--
Total	120.000	110.000

Banking Relations :	--
Auditors :
Name :	N. K. Karla and Associates Chartered Accountant
Address :	Sai Chamber, 1^st Floor, Opp. Gulmarg Co-operative Housing Society, R. C. Marg, Chembur Naka, Mumbai - 400 071, Maharashtra, India
Tel. No.:	91-22-25293005/7
Fax No.:	91-22-25293649
E-Mail :	karla.narender@mtnl.net.in nkkalras@gmail.com

CAPITAL STRUCTURE

AS ON 31.03.2010 

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.10/- each	Rs.40.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		40.000	40.000	40.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		604.748	412.185	308.636
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		644.748	452.185	348.636
LOAN FUNDS
1] Secured Loans		1529.297	572.961	671.828
2] Unsecured Loans		120.000	110.000	83.000
TOTAL BORROWING		1649.297	682.961	754.828
DEFERRED TAX LIABILITIES		0.591	1.021	0.855
TOTAL		2294.636	1136.167	1104.319
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		30.188	24.788	25.558
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.093	0.089	0.096
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1044.674	521.656	402.836
	Sundry Debtors	1421.996	794.794	693.248
	Cash & Bank Balances	7.108	10.133	9.377
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	260.070	209.665	156.823
Total Current Assets		2733.848	1536.248	1262.284
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	NA	273.062	91.858
	Current Liabilities	302.515	17.314	14.585
	Provisions	167.188	134.862	77.176
Total Current Liabilities		469.703	425.238	183.619
Net Current Assets		2264.145	1111.010	1078.665
MISCELLANEOUS EXPENSES		0.210	0.280	0.000
TOTAL		2294.636	1136.167	1104.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	11165.806	8070.405	6593.970
		Other Income	6.934	6.244	2.262
		TOTAL (A)	11172.740	8076.649	6596.232
Less	EXPENSES
		Cost of Sales		7621.214	6250.249
		Administrative and Establishment Expenses		39.308	31.985
		Selling and Marketing Expenses	10946.954	47.954	29.838
		Staff Cost		84.962	56.135
		Donation		0.734	1.501
		Miscellaneous Expenses W/Off		0.000	0.000
		TOTAL (B)	10946.954	7794.172	6369.708
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		225.786	282.407	226.524
Less	FINANCIAL EXPENSES (D)		113.463	110.180	69.874
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		112.323	172.227	156.650
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6.753	7.994	7.851
	PROFIT BEFORE TAX (E-F) (G)		105.570	164.233	148.799
Less	TAX (I)		(89.801	57.876	52.326
	PROFIT AFTER TAX (G-I) (J)		195.371	106.357	96.473
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		330.567	247.009	173.344
Less	APPROPRIATIONS
		Transfer to General Reserve	20.000	20.000	20.000
		Dividend	2.400	2.400	2.400
		Tax on Dividend	0.408	0.408	0.408
	BALANCE CARRIED TO THE B/S		503.121	330.558	247.009
	EARNINGS IN FOREIGN CURRENCY		NA	96.546	58.982
	Earnings Per Share (Rs.)		--	26.59	24.12

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.74	1.32	1.46
Net Profit Margin (PBT/Sales)	(%)	0.94	2.03	2.26
Return on Total Assets (PBT/Total Assets}	(%)	3.81	10.52	11.55
Return on Investment (ROI) (PBT/Networth)		0.16	0.36	0.43
Debt Equity Ratio (Total Liability/Networth)		3.28	2.45	2.69
Current Ratio (Current Asset/Current Liability)		5.82	3.61	6.87

LOCAL AGENCY FURTHER INFORMATION

Sundry Creditors Details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors
Dues of micro small and medium enterprises	0.000	0.000	0.000
Dues of other creditors Fur Goods For Expenses	0.000 0.000	253.903 19.159	69.058 22.799

OPEATIONS:

Financial Year was one of the best years from a business Prospectus. Their company performance was excellent and the same is reflected in the results. Their company crossed the 10000 millions mark for the first time in FY 10. Good demand for products. Exploring news business opportunities, starting business with new vendors and better utilization of available resources resulted in an outstanding performance of their company

Form No. 8

Name of the company	SAVEX COMPUTERS LIMITED
Presented By	Citi Bank N.A. and Savex Computer Limited
1) Date and description of instrument creating the change	Dated : 29^th July, 2003 No Instrument; but a mortgage created by way of deposit of title deeds in respect of the Company’s immovable properties as security.
2) Amount secured by the charge/amount owing on the securities of charge	Rs.3.466 millions
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	· Unit No. 104 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society. · Unit No. 105 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society. · Unit No. 106 on the First Floor in CFC Building of Mitul Industrial Premises Co-Op Housing Society Limited, situated at Village Valiv, Taluka – Vasai and District – Thane admeasuring about 295 sq. ft. together with all rights title and interest in respect of the said Unit No. 104 in the Society.
4) Gist of the terms and conditions and extent and operation of the charge.	The company has created a mortgage by way of deposit of title deeds in respect of the above properties for securing the financial facilities aggregating to Rs.3.466 millions in favor of the Bank to the Borrower to secure repayment of all monies including interest, costs, charges and expenses due or becoming due and payable by the Borrower to the Bank under or in respect of all or some or any of the facilities either in Indian or Foreign currencies granted and / or agreed to be granted to the Borrower by way of overdrafts, cash credits, term loans, pre-shipment and post shipment credits, opening a letters of credit, issuing of guarantees including deferred payment guarantees and indemnities, negotiation and discounting of demand and / or usance bills and cheques Inland as well as foreign and such other facilities as may be agreed upon from time to time between the Bank and the Borrower ad for any other indebtedness and liabilities past, present and future of the Borrower to the Bank.
5) Name and Address and description of the person entitled to the charge.	Citi Bank N.A. Citi Tower, Dr. S S Rao Road, Parel, Mumbai – 400 012, Maharashtra, India
6) Date and brief description of instrument modifying the charge	N.A.
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	N.A.

Corporate identity number (CIN) Foreign company registration number	U31909MH1988PLC046237
Name of the Company	SAVEX COMPUTERS LIMITED
Address	124-B, Maker Chambers III, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Modification of Charge
Charge identification (ID) number of the charge to be modified	10095163
Type of Charge	· Book debts · Movable property · Floating charge
Particulars of the charge holder	Barclays Bank Plc 601/603, Ceejay House, Shivsagar Estate, Dr. Annie Besant Road, Worli, Mumbai -400018, Maharashtra, INDIA kanakendu.banerjee@barclays.com
Nature or description of the instrument(s) creating or modifying the charge	Supplemental Hypothecation Agreement
Date of the instrument creating or modifying the charge	27.08.2010
Amount secured by the charge	Rs. 235.000 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	· Rate of Interest  Interest / Commission - As agreed by and with the Bank from time to time. · Terms of Repayment As agreed by and with the Bank from time to time. · Margin  As applicable, if any. · Extent and operation of the charge: Hypothecation by way of first ranking pari passu charge on the hypothecated assets of Company as particularly described in Column No.14 for repayment of Rs.23.50 Crs and all other amount due and payable by the Company to the Bank. Others Hypothecated Assets shall be the continuing security for payment of the facility together with all interest and all other monies due to the Bank and any future loans provided by the Bank.
Short particulars of the property charged (including location of the property)	First ranking pari passu charge on all the movable properties of the Company, present and future, including without limitation its stocks of raw materials, semi finished and finished goods, outstanding, receivables, investments, deposits, book debts, monies receivable, claims, bills and consumable stores and other movables. (As more described in the Schedule 2 of enclosed Deed)
Date of last modification prior to the present modification	30/12/2009
Particulars of the present modification	By present modification, the existing charge of Rs.15 Crores enhanced to Rs.23.50 Crores.

Corporate identity number of the company	U31909MH1988PLC046237
Name of the company	SAVEX COMPUTERS LIMITED
Address of the registered office or of the principal place of business in India of the company	124-B Maker Chambers Linariman Point, Mumbai - 400021, Maharashtra, India
This form is for	Modification of charge
Type of charge	Immovable property
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38a, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India
Nature of instrument creating charge	As Per Constructive Memorandum Of Entry Attached
Date of instrument Creating the charge	30/01/2011
Amount secured by the charge	Rs. 200.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest : As Per Terms Of Banks Sanction Letter Terms of repayment : As Per Terms Of Banks Sanction Letter Margin : As Per Terms Of Banks Sanction Letter Extent and operation of the charge : First pari-passu charge by way of equitable mortgage on the immovable properties being land and building situated at Vasai and Bangalore belonging to the Borrower to secure the due repayment of financial facilities granted by the Bank to the borrower Other : Nil
Short particulars of the property charged (Including location of the property)	Property Including Land And Building Situated At Unit No.8, Ground Floor, Sampanji Ramaswamy Temple Road, In Corporation Division No. 59, Bangalore And Unit No. 104, 105 And 106 Situated At Cfc Bld,. Mutul Indl. Premises Co-Op. Housing Soc. Ltd., Village - Valiv, Vasai Road, Thane Together With All Bldg. And Structures Thereon And Plant And Machinery Attached To Earth Or Permanently Fastened To Anything Attached On Earth More Specifically Described In Second Schedule To The Constructive Moe
Date of instrument modifying the charge	16/11/2010
Particulars of the present modification	By this modification the company has extnded the mortgage over its immovable property at bangalore and vasai to secure the due repayment of financial facilities aggregating rs. 20 crore.

Fixed Assets

· Gala at Vasai and Andheri

· Improvement of Leased Property

· Computers

· Electronic Equipment

· Furniture and Fixture

· 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 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.44.77
UK Pound	1	Rs.71.69
Euro	1	Rs.63.02

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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
TOTAL		46

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.