MIRA INFORM REPORT

Report Date :

27.09.2011

IDENTIFICATION DETAILS

Name :	FLEMINGO LINERS PRIVATE LIMITED (w.e.f. 22.02.2011)
Formerly Known As :	GEOSCAPE DEVELOPERS PRIVATE LIMITED
Registered Office :	D-73/1,TTC Industrial Area, MIDC, Turbhe, Navi Mumbai-400 705 Maharashtra
Country :	INDIA
Financials (as on) :	31.03.2010
Date of Incorporation :	03.10.2008
Com. Reg. No.:	11-187249
Capital Investment / Paid-up Capital :	Rs.0.100 million
CIN No.: [Company Identification No.]	U61100MH200PTC187249
TAN No.: [Tax Deduction & Collection Account No.]	MUMG13538A
PAN No.: [Permanent Account No.]	AADCG2781J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in infrastructure Activities.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

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 :	Yet to commence business
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Though the company was incorporated in the year 2008, the company is yet to commence its commercial operations. Payment terms are unknown. The company can be considered for business dealings on a 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 – 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

LOCATIONS

Registered Office :	D-73/1 TTC Industrial Area, MIDC, Turbhe, Navi Mumbai- 400 705, Maharashtra India
Tel. No.:	91-22-66269999 / 25917142
Fax No.:	91-22-27672718
E-Mail :	nbambras@flemingo-intl.com Sush2202@yahoo.com RAGHAVAN@FLEMINGO-INTL.COM
Website :	http://www.flemingoliners.com
Regional Office :	Old no 16A, New no 35,1^st Floor, KV, Apartments, poes Garden, Chennai- 600 086 India
Tel. No.:	91- 44 - 24994438
Fax No.:	91- 44 - 24993206
Corporate Office :	D-73/1,TTC Industrial area, MIDC, Turbhe, Navi Mumbai-400 705 Maharashtra India
Tel. No.:	91 - 22 - 66269999
Fax No.:	91 - 22 - 27672718
Tuticorin Office:	1^st floor, vilson’s Plaza,A3, World Trade Avenue,Harbour Estate,Tuticorin- 628004, India
Tel. No.:	91- 461- 2353700 / 2353600
Colombo Office:	14/12 A, Park Street, Colombo – 2
Tel. No.:	+ 94-11 2333605/06

DIRECTORS

As on 15.09.2010

Name :	Mr.Atul Ahuja
Designation :	Director
Address :	Gulmohar Lala J.D Gupta Marg Devnar Mumbai 400 088 Maharashtra India
Date of Birth/Age :	07.08.1962
Date of Appointment :	23.02.2011
Name :	Mr. Viren Ahuja
Designation :	Director
Address :	Bungalow No-1, Neelkanth Theerth Road No-6 Chembur Mumbai-400 088 Maharashtra India
Date of Birth/Age :	21.08.19964
Date of Appointment :	23.02.2011
Name :	Mr. Sandeep Doke
Designation :	Director
Address :	In-3-14-5, Sector 9, Vashi, Navi Mumbai- 400 706 Maharashtra India
Date of Birth/Age :	14.12.1970
Date of Appointment:	03.10.2008
Date of ceasing:	19.03.2011
Din No.	00996221
Other of Directorship:

CIN	Name of the Company	Current designation of the direct	Date of appointment at current designation	Original date of appointment	Date of conssation	Company status	Defaulting status
U45202MH2007PTC176163	Utility Infra Private Limited	Director	26.11.07	16.11.07	-	Active	No
U45203MH2008PTC180191	Eternal Infra Private Limited	Director	17.03.08	17.03.08	-	Active	No
U45203MH2008PTC180211	Oscar Infra Private Limited	Director	18.03.08	08.03.08	-	Active	No
U45203MH2008PTC180212	Dove Properties Private Limited	Director	18.03.08	08.03.08	-	Active	No
U55101MH2008PTC180214	Expressive Hotel Properties Private Limited	Director	18.03.08	18.03.08	-	Active	No
U45202MH2008PTC180262	Prabhat Properties Private Limited	Director	18.03.08	18.03.08	-	Active	No
U45202MH2008PTC180264	Remark Properties Private Limited	Director	18.03.08	18.03.08	-	Active	No
U45203MH2008PTC180635	Dawn Infrastructure Private Limited	Director	31.03.08	31.03.08	-	Active	No
U45203MH2008PTC185915	Hardscape Infra Projects Private Limited	Director	19.08.08	19.08.08	-	Active	No
U45203MH2008PTC185916	Solar Infrastructure Project Private Limited	Director	19.08.08	19.08.08	-	Active	No
U45203MH2008PTC185917	Stones Infra Projects Private Limited	Director	19.08.08	19.08.08	-	Active	No
U45203MH2008PTC185918	Translands Infrastructure Developers Private Limited	Director	19.08.08	19.08.08	-	Active	No
U45202MH2008PTC187237	Geowork Infra Projects Private Limited	Director	03.10.08	03.10.08	-	Active	No
U7010MH2008PTC187240	Haven Realtors P0rivate Limited	Director	03.10.08	03.10.08	-	Active	No
U45400MH2008PTC187247	GEOGRAFI DEVELOPERSPRIVATE Limited	Director	03.10.08	03.10.08	-	Active	No
U45400MH2008PTC187248	Geospace Developers Private Limited	Director	03.10.08	03.10.08	-	Active	No
U45400MH2008PTC187250	Geolands Developers Limited	Director	03.10.08	03.10.08	-	Active	No
U45202MH2008PTC187254	Geo Infra Projects Private Limited	Director	03.10.08	03.10.08	-	Active	No
U70102MH2008PTC187255	Fantastic Realtors Private Limited	Director	03.10.08	03.10.08	-	Active	No
U45202MH2008PTC187256	Famous Infra Projects Private Limited	Director	03.10.08	03.10.08	-	Active	No
U45400MH2008PTC187242	Rare Infra Projects Private Limited	Director	03.10.08	03.10.08	20.07.10	Active	No
U61100MH2008PTC187249	Flemingo Liners Private Limited	Director	03.10.08	03.10.08	19.03.11	Active	No
U45209MH2008PTC187264	Brick And Sank Developers Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187266	Relations Infra Projects Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45200MH2008PTC187267	Retrear Infrastructure Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187268	Sites Infra Projects Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187269	Soulful Infra Projects Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH20081PTC87269	Geo Properties Private Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187271	Symbolic Infra projects Limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187272	zealous infrastructure private limited	Director	06.10.08	06.10.08	-	Active	No
U45202MH2008PTC187265	Airspace Infrastructure Private Limited	Director	06.10.08	06.10.08	24.05.09	Active	No
U45202MH2008PTC187273	Visual Infra Projects Private Limited	Director	06.10.08	06.10.08	24.05.09	Active	No
U74210MH1971PTC015126	baltex engineering private limited	Director	21.07.10	21.07.10	-	Active	No

Name :		Mr. Ravindran Nair
Designation :		Director
Address :		NL 2 Type, Building No 10, Room No A03 sector No.9, Nerul, Navi Mumbai- 400 706 Maharashtra India
Date of Birth/Age :		14.12.1952
Date of Appointment:		190.3.2011
Date of Ceasing:		03.10.2008
DIN No.		01516230
Other of Directorship:
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
U45202MH2007PTC176163	Utility Infra Private Limited		Director	26-11-07	26-11-07	-	Active	NO
U45203MH2008PTC180191	Eternal Infra Private Limited		Director	17-03-08	17-03-08	-	Active	NO
U45203MH2008PTC180211	Oscar Infra Private Limited		Director	18-03-08	18-03-08	-	Active	NO
U45203MH2008PTC180212	Dove Properties Private Limited		Director	18-03-08	18-03-08	-	Active	NO
U55101MH2008PTC180214	Expressive Hotel Properties Private Limited		Director	18-03-08	18-03-08	-	Active	NO
U45202MH2008PTC180262	Prabhat Properties Private Limited		Director	18-03-08	18-03-08	-	Active	NO
U45202MH2008PTC180264	Remark Properties Private Limited		Director	18-03-08	18-03-08	-	Active	NO
U45203MH2008PTC180635	Dawn Infrastructure Private Limited		Director	31-03-08	31-03-08	-	Active	NO
U45203MH2008PTC185915	Hardscape Infra Projects Private Limited		Director	19-08-08	19-08-08	-	Active	NO
U45203MH2008PTC185916	Solar Infrastructure Project Private Limited		Director	19-08-08	19-08-08	-	Active	NO
U45203MH2008PTC185917	Stones Infra Projects Private Limited		Director	19-08-08	19-08-08	-	Active	NO
U45203MH2008PTC185918	TransLands Infrastructure Developers Private Limited		Director	19-08-08	19-08-08	-	Active	NO
U45202MH2008PTC187237	Geowork Infra Projects Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U70102MH2008PTC187240	Haven Realtors Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45400MH2008PTC187247	Geografi Developers Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45400MH2008PTC187248	Geospace Developers Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45400MH2008PTC187250	Geolands Developers Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45202MH2008PTC187254	Geo Infra Projects Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U70102MH2008PTC187255	Fantastic Realtors Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45202MH2008PTC187256	Famous Infra Projects Private Limited		Director	03-10-08	03-10-08	-	Active	NO
U45400MH2008PTC187242	Rare Infra Projects Private Limited		Director	03-10-08	03-10-08	20-07-10	Active	NO
U61100MH2008PTC187249	Flemingo Liners Private Limited		Director	03-10-08	03-10-08	19-03-11	Active	NO
U45209MH2008PTC187264	Brick and Sand Developers Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187266	Relation Infra Projects Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45200MH2008PTC187267	Retreat Infrastructure Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187268	Sites Infra Projects Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187269	Soulful Infra Projects Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45200MH2008PTC187270	Geo Properties Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187271	Symbolic Infra Projects Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187272	Zealous Infrastructure Private Limited		Director	06-10-08	06-10-08	-	Active	NO
U45202MH2008PTC187265	Airspace Infrastructure Private Limited		Director	06-10-08	06-10-08	24-05-09	Active	NO
U45202MH2008PTC187273	Visual Infra Projects Private Limited		Director	06-10-08	06-10-08	24-05-09	Active	NO
U74210MH1971PTC015126	Baltex Engineering Private Limited		Director	21-07-10	21-07-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2010

Names of Shareholders	No. of Shares
Sandeep Narayan Doke	5000
Ravindran Ramakrishnan Nair	5000
Total	10000

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100%

BUSINESS DETAILS

Line of Business :

Subject is engaged in infrastructure Activities.

GENERAL INFORMATION

No. of Employees :	Not Available
Bankers :	Not Available
Auditors :
Name :	Swamy and Chhabra Chartered accountant
Address :	618, Arenja Corner, Sector 17, Vashi, Navi Mumbai-400 705 Maharashtra India

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
10000	Equity shares	Rs.10/- each	Rs.0.100 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity shares	Rs.10/- each	Rs.0.100 million

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		0.100	0.100	0.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(0.001)	0.000	0.000
NETWORTH		0.099	0.000	0.000
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.001	0.000	0.000
TOTAL BORROWING		0.001	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		0.100	0.100	0.000
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.000	0.000	0.000
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.000	0.000	0.000
	Cash & Bank Balances	0.100	0.000	0.000
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	0.000	0.000	0.000
Total Current Assets		0.100	0.100	0.000
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.000	0.000	0.000
	Other Current Liabilities	0.000	0.000	0.000
	Provisions	0.000	0.000	0.000
Total Current Liabilities		0.000	0.000	0.000
Net Current Assets		0.100	0.100	0.000
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		0.100	0.100	0.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Gross Income	0.000	0.000	0.000
		Other Income	0.000	0.000	0.000
		TOTAL (A)	0.000	0.000	0.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses	0.001	0.000	0.000
		Total expenditure
		TOTAL (B)	0.001	0.000	0.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.001)	0.000	0.000
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.001)	0.000	0.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.000	0.000	0.000
	PROFIT/LOSS BEFORE TAX (E-F) (G)		(0.001)	0.000	0.000
Less	TAX (H)		0.000	0.000	0.000
	PROFIT AFTER TAX (G-H) (I)		(0.001)	0.000	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	0.000	0.000	0.000
		Dividend	0.000	0.000	0.000
		Tax on Dividend	0.000	0.000	0.000
	BALANCE CARRIED TO THE B/S		(0.001)	0.000	0.000
	Earnings Per Share (Rs.)		[0.10)	--	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	0.00	0.00	0.00
Net Profit Margin (PBT/Sales)	(%)	0.00	0.00	0.00
Return on Total Assets (PBT/Total Assets}	(%)	(1.00)	0.00	0.00
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		0.01	0.00	0.00
Current Ratio (Current Asset/Current Liability)		0.00	0.00	0.00

LOCAL AGENCY FURTHER INFORMATION

Address change Note: The registered office of the company has been shifted from Aashirwad c.h.s.,jn-3-14-5 sector 9 vashi, Navi Mumbai-400 705 Maharashtra India to the present address w.e.f 23.02.2011.

As per Webside

Profile:

Flemingo Lines, a subsidiary incorporated by subject is the latest venture in its quest towards business excellence and constant efforts to be a pioneer and maintain its position as the largest duty free operator in India. The Passenger vessel service is a result of a commitment between the Government of India and Sri Lanka to restore traditional llinks between the two countries. Flemingo had been making its mark in India since 2002 and this passenger ferry passenger ferry service initiative is another feather on the FLEMINGO CAP.

Flemingo Liners launched the service on 13.06.2011 with M/V Scotia Prince, a luxurious vessel with a capacity of carrying 1044 passengers. Currently Flemingo Liners is operating 2 round trips a week service between of Tuticorin and Colombo. In addition, Flemingo will operate a duty free shop at the Passenger terminal (India and Colombo ) for the use both arrival and departure passengers.

Management:

Mr. Mahendra Thakker – His rich experience in the retail Industry, thorough understanding of the liquor market coupled with strong operational skills enabled him to be the key driver of the organic growth of the company. He is involved in the formation of retail processes and brand building strategies

Mr. Rasik Thakker – His in-depth knowledge of the perfume and cosmetic industry and experience in finance has made their involvement in business developments and strategies absolutely essential.

Mr. Sumeet Narang (Investor director) – As the founder and Managing director of Samara capital, he has worked closely with Goldman Sachs and Citigroup. He has done their MBA from Harvard Business School and IIM Lucknow after completing their engineering from IIT, Roorke.

Mr. Atul Ahuja -- A passionate businessman with a thorough knowledge of the global duty free Industry, he is key driver of the inorganic growth of the company. He is a visionary and a value builder with strong personalized relationships with ‘who is who’ of travel industry and has a knack for indentifying business opportunites.

Technical Partner:

Flemingo Liners is a ferry passenger and cargo service company promoted by subject with Tradex Shipping Company private Limited as its technical partners.

Group info:

Tradex Shipping is a reputed professional ship management company in India with offices in Chennai, Kochi, Port Blair and Tuticorin. Tradex is ISO: 9001-200 (DNV) certified and has a vast pool of highly qualified and trained marine personnel and is reported for ites top quality ship-management and safely practices.

Management:

Capt. R. Venkat, B.Sc.,L.L.M,FLCS (London), founder and managing director of Tradex Shipping Company Private Limited, is an ex Naval officer, a Master mariner, a chartered ship-broker and marine lawyer. He is well known in shipping circles and has successfully managed several vessels of leading private and govt. ship owners. He brings 4 decades of management and entrepreneurial experience to this venture as technical partners to make it successful.

Mr, P. Vasudevan is a highly experiences and respected chief engineer with 5 decades of sailing and management experience.He is an energetic manager and respected leader of marine personnel and is the Chief Operating Officer of Tradex Shipping.

Sriram Ramanan brings over 13 years of international finance, management and technology experience. He has held senior positions at JP Morgan Chase and Hewlett Packard and holds a MS in Transportation Engineering from New Jersey Institute of Technology and B.E in Geo Informatics from college of Engineering, Guindy, Anna University.

:

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.49.61
UK Pound	1	Rs.76.67
Euro	1	Rs.66.47

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	-
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	-
--CREDIT LINES	1~10	-
--MARGINS	-5~5
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		11

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.