MIRA INFORM REPORT

Report Date :

31.03.2012

IDENTIFICATION DETAILS

Name :	YATRA ONLINE PRIVATE LIMITED
Registered Office :	93-B, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	28.12.2005
Com. Reg. No.:	11-158404
Capital Investment / Paid-up Capital :	Rs.45.340 millions
CIN No.: [Company Identification No.]	U63040MH2005FTC158404
TAN No.: [Tax Deduction & Collection Account No.]	MUMY01729A
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of providing reservation and booking services relating to transport, travel, tours and tourism and developing customized solutions in the areas of transport, travel, tours and tourism for all types of travelers in India or abroad through the Internet, call center and retail lounges.
No. of Employees :	1500 (Approximately)

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 1600000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under severe pressure. 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 cautions.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Deep Jyoti
Designation :	Zonal Accountant
Contact No.:	91-9831877782

LOCATIONS

Registered Office :	93-B, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66695000
Mobile No.:	91-9831877782 (Mr. Deep Jyoti)
E-Mail :	deepjyoti.guhathakurta@yatra.com nidhi.sadana@yatraonline.com
Website :	www.yatra.com
Corporate Office :	21, Beside Park Hotel, Park Street, Kolkata – 700 016, West Bengal, India
Tel. No.:	91-33-40633281/ 82/ 83/ 85
Branch Office :	In all Metro City

DIRECTORS

As on : 30.09.2011

Name :

Mr. Harshal Jyotindra Shah

Designation :

Director

Address :

10 and 13, Jayant Mahal, D. Road, Marine Drive, Mumbai - 400 020, Maharashtra, India

Date of Birth/Age :

16.12.1970

Date of Appointment :

09.10.2006

DIN No.:

00025520

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	U67120MH1995PTC086480	INFOSTAKE CAPITAL AND FINANCE PRIVATE LIMITED.	Director	15/03/1995	15/03/1995	-	Active	NO
2	L35999GJ1982PLC005203	SETCO AUTOMOTIVE LIMITED	Director	23/05/2006	23/05/2006	-	Active	NO
3	U63040MH2005FTC158404	YATRA ONLINE PRIVATE LIMITED	Director	27/06/2007	9/10/2006	-	Active	NO
4	U74210MH2005PLC153010	RELIANCE EQUITY ADVISORS (INDIA) LIMITED	Director	1/9/2007	21/03/2007	24/04/2008	Active	NO
5	U74999MH2006PTC165086	RELIANCE VENTURE ASSET MANAGEMENT PRIVATE LIMITED	Additional director	7/11/2011	26/11/2007	-	Active	NO
6	U55101HR2008PTC038256	INTECH HOTEL SOLUTIONS PRIVATE LIMITED.	Alternate director	22/07/2010	22/07/2010	15/10/2010	Active	NO

Name :

Mr. Pramod Haque

Designation :

Director

Address :

13780 Saratoga, Avenue Saratoga, California – 95070, United States, India

Date of Birth/Age :

20.04.1948

Date of Appointment :

09.10.2006

DIN No.:

00124717

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	L72300PN1990PLC056696	PERSISTENT SYSTEMS LIMITED	Director	23/04/2010	18/11/2005	1/11/2010	Active	NO
2	U72900TN2002PTC049739	SULEKHA .COM NEW MEDIA PRIVATE LIMITED	Director	9/11/2006	25/09/2006	-	Active	NO
3	U63040MH2005FTC158404	YATRA ONLINE PRIVATE LIMITED	Director	27/06/2007	9/10/2006	-	Active	NO
4	U67110MH2006PTC172142	NVP VENTURE CAPITAL INDIA PRIVATE LIMITED	Director	9/10/2006	9/10/2006	14/11/2007	Active	NO
5	U72900MH2001PTC132057	ADVENTITY GLOBAL SERVICES PRIVATE LIMITED	Director	1/3/2007	1/3/2007	7/5/2010	Active	NO
6	U72300MH2007PTC173848	ADVENTITY FINANCIAL SERVICES PRIVATE LIMITED	Additional director	30/04/2008	30/04/2008	7/5/2010	Active	NO
7	U55101HR2008PTC038256	INTECH HOTEL SOLUTIONS PRIVATE LIMITED.	Director	11/8/2008	11/8/2008	30/09/2011	Active	NO
8	U72900GJ2006PTC049036	LUMIUM INNOVATIONS PRIVATE LIMITED	Director	21/09/2009	4/11/2008	-	Active	NO
9	U74140KA2003PTC032906	APPNOMIC SYSTEMS PRIVATE LIMITED	Director	24/12/2008	24/12/2008	-	Active	NO

Name :

Mr. Dhruv Shringi

Designation :

Director

Address :

C 84, Inder Puri, New Delhi – 110 012, India

Date of Birth/Age :

14.07.1973

Date of Appointment :

05.01.2006

DIN No.:

00334986

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	U63040MH2005FTC158404	YATRA ONLINE PRIVATE LIMITED	Director	27/06/2007	5/1/2006	-	Active	NO
2	U55101HR2008PTC038256	INTECH HOTEL SOLUTIONS PRIVATE LIMITED.	Director	11/8/2008	11/8/2008	30/09/2011	Active	NO
3	U45030DL1996PTC076431	TSI-TRAVEL SERVICES INTERNATIONAL PRIVATE LIMITED	Additional director	14/10/2010	14/10/2010	25/03/2011	Active	NO
4	U74899DL1994PTC062345	TSI NORTH EAST TRAVELS PRIVATE LIMITED	Additional director	14/10/2010	14/10/2010	25/03/2011	Active	NO
5	U74899DL1995PTC072325	TSI VOYAGES PRIVATE LIMITED	Additional director	14/10/2010	14/10/2010	25/03/2011	Active	NO
6	U63090DL2003PTC119313	TSI HOLIDAYS PRIVATE LIMITED	Additional director	14/10/2010	14/10/2010	25/03/2011	Active	NO

Name :

Mr. Sarbvir Jasbir Singh

Designation :

Director

Address :

House 46, Sector 37, Noida – 201 301, Uttar Pradesh, India

Date of Birth/Age :

27.09.1971

Date of Appointment :

29.09.2010

DIN No.:

00509959

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	U74140DL2004PTC127978	HERCULES CAPITAL ADVISORS PRIVATE LIMITED	Director	6/12/2004	6/12/2004	10/2/2007	Strike off	NO
2	U74300DL2007PTC166436	CAPITAL18 MEDIA ADVISORS PRIVATE LIMITED	Director	30/07/2007	30/07/2007	-	Amalgamated	NO
3	U72300DL2007PTC167447	MOBILENXT ONLINE PRIVATE LIMITED	Director	22/09/2008	7/9/2007	-	Amalgamated	NO
4	U64202KA2006PTC038459	MOBILENXT TELESERVICES PRIVATE LIMITED	Director	25/09/2008	7/9/2007	7/8/2009	Active	NO
5	U74899DL2000PTC107294	WEBCHUTNEY STUDIO PRIVATE LIMITED	Director	26/09/2008	1/11/2007	-	Active	NO
6	U80302KA2001PTC029172	24X7 LEARNING PRIVATE LIMITED	Nominee director	17/11/2007	10/11/2007	-	Active	NO
7	U74994DL2008PTC173043	STARGAZE ENTERTAINMENT PRIVATE LIMITED	Director	23/01/2008	23/01/2008	-	Active	NO
8	U72200MH2007PTC175910	WESPRO DIGITAL PRIVATE LIMITED	Director	30/09/2008	29/02/2008	-	Active	NO
9	U74120DL2007PTC170870	COLOSCEUM MEDIA PRIVATE LIMITED	Director	26/09/2008	28/07/2008	-	Active	NO
10	U72200KA2007PTC043665	UBONA TECHNOLOGIES PRIVATE LIMITED	Director	29/09/2008	29/09/2008	-	Active	NO
11	U65923DL2006PLC150020	GREYCELLS18 MEDIA LIMITED	Director	10/8/2009	24/02/2009	-	Active	NO
12	U93091DL2006PLC149705	TV18 HOME SHOPPING NETWORK LIMITED	Director	27/07/2010	3/12/2009	-	Active	NO
13	U63040MH2005FTC158404	YATRA ONLINE PRIVATE LIMITED	Director	29/09/2010	3/2/2010	-	Active	NO
14	U99999MH1999PTC120990	BIG TREE ENTERTAINMENT PRIVATE LIMITED	Director	26/07/2010	26/07/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Deep Jyoti
Designation :	Zonal Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09.2011

Names of Shareholders	No. of Shares
Yatra Online (Cyprus) Limited, Cyprus	5463879
Yatra Online Inc.(Cayman Islands), Cayman Island	1
Total	5463880

As on: 30.09.2011

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
Total	100.00

BUSINESS DETAILS

Line of Business :	The Company is engaged in the business of providing reservation and booking services relating to transport, travel, tours and tourism and developing customized solutions in the areas of transport, travel, tours and tourism for all types of travelers in India or abroad through the Internet, call center and retail lounges.
Products / Services :	v Air Passage v Hotel v Other Services

GENERAL INFORMATION

No. of Employees :

1500 (Approximately)

Bankers :

They have consortium with following banks:

v Citi Bank

v HDFC Bank Limited, HDFC Bank, House Senapati Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India

v ICICI Bank

v Hongkong and Shanghai Banking Corporation Limited

v Axis Bank

Facilities :

Secured Loans	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rupee term loans banks secured	11.026	4.489
Rupee term loans others secured	0.366	263.535
Other debt Secured	0.000	1.037
Total	11.392	269.061

Notes :

(A) *Secured by lien on the underlying assets .i.e. vehicles

(B) *Secured by lien on the underlying assets. i.e. vehicles

(C) **Secured by lien on Fixed Deposits with Banks

(D) **Secured by lien on Fixed Deposits with Banks

Banking Relations :	--
Auditors :
Name :	ISFRC and Associates Chartered Accountants
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	Golf View Corporate Tower B, Sector-42, Gurgaon – 122 002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Holding Company :	Yatra Online (Cyprus) Limited Address: Cassandra Centre Office, 201/202, 29, Tekhlas Lyssioti Street, 3030, Limassol, Cyprus
Ultimate Holding Company :	Yatra Online Inc., Cayman Island
Subsidiaries :	· Intech Hotel Solutions Private Limited CIN No.: U55101HR2008PTC038256 · Intech Hotel Solutions Private Limited · TSI Travel Services International Private Limited · TSI Holidays Private Limited · TSI North East Travels Private Limited · TSI Voyages Private Limited

CAPITAL STRUCTURE

After 30.09.2011

Authorized Capital of Rs.100.000 Millions

Issued, Subscribed and Paid Up Capital of Rs.54.850 Millions

As on : 30.09.2011

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
5463880	Equity Shares	Rs.10/- each	Rs.54.638 millions

As on 31.03.2011

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
4534028	Equity Shares	Rs.10/- each	Rs.45.340 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		45.340	44.316	44.316
2] Share Application Money Pending Allotment		133.860	0.000	0.000
3] Reserves & Surplus		1401.657	1300.278	1300.277
4] (Accumulated Losses)		(1191.991)	(802.457)	(720.642)
NETWORTH		388.866	542.137	623.951
LOAN FUNDS
1] Secured Loans		11.392	269.061	177.424
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.392	269.061	177.424
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		400.258	811.198	801.375
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		98.945	97.724	75.709
Capital work-in-progress including capital advances		8.548	3.851	11.997
INVESTMENT		286.765	20.100	0.100
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	490.527	408.043	221.928
	Cash & Bank Balances	320.043	674.244	721.486
	Other Current Assets	7.659	26.916	37.724
	Loans & Advances	413.700	275.387	192.223
Total Current Assets		1231.929	1384.590	1173.361
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	883.770	555.221	395.944
	Other Current Liabilities	330.262	132.178	57.695
	Provisions	11.897	7.668	6.153
Total Current Liabilities		1225.929	695.067	459.792
Net Current Assets		6.000	689.523	713.569
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		400.258	811.198	801.375

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1327.743	1098.699	752.711
		Other Income
		TOTAL	1327.743	1098.699	752.711
Less	EXPENSES
		Office Expenses			894.772
		Administrative Expenses	1717.278	1181.296
		Advertising Expenses
		TOTAL	1717.278	1181.296	894.772
	PROFIT / (LOSS) BEFORE TAX		(389.535)	(82.597)	(142.061)
Less	TAX		--	0.782	3.284
	PROFIT / (LOSS) AFTER TAX		(389.535)	(81.815)	(145.345)
	EARNINGS IN FOREIGN CURRENCY
		Sales (billing)	429.022	225.131	21.251
		Commission on Inbound tours		32.656	20.258
		Other Commissions		2.049	5.915
	TOTAL EARNINGS		429.022	259.836	47.424
	Earnings Per Share (Rs.)		NA	NA	(47.00)

The above information has been parted by Mr. Deep Jyoti (Zonal Accountant).

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(29.33)	(7.44)	(19.31)
Return on Total Assets (PBT/Total Assets}	(%)	(29.26)	(5.57)	(11.37)
Return on Investment (ROI) (PBT/Networth)		(1.00)	(0.15)	(0.23)
Debt Equity Ratio (Total Liability/Networth)		3.18	1.78	1.02
Current Ratio (Current Asset/Current Liability)		1.00	2.24	2.55

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:
a) creditors due to small micro enterprises	--	--	--
b) creditors due others	883.770	555.221	395.944

Check List by Info Agents	Available in Report (Yes / No)
1. Year of Establishment	Yes
2. Locality of the firm	Yes
3. Constructions of the firm	Yes
4. Premises details	Yes
5. Type of Business	Yes
6. Line of Business	Yes
7. Promoter’s background	-----------
8. No. of Employees	Yes
9. Name of person contacted	Yes
10. Designation of contact person	Yes
11. Turnover of firm for last three years	No
12. Profitability for last three years	No
13. Reasons for variation <> 20%	No
14. Estimation for coming financial year	No
15. Capital in the business	No
16. Details of sister concerns	No
17. Major suppliers	No
18. Major customers	No
19. Payments terms	Yes
20. Export / Import details	------
21. Market information	-------
22. Litigations that the firm / promoter involved	------
23. Banking Details	Yes
24. Banking facility details	No
25. Conduct of the banking account	------
26. Buyer visit details	------
27. Financials, if provided	No
28. Incorporation details, if applicable	------
29. Last accounts filed at ROC	------
30. Major Shareholders, if available	------

NATURE OF OPERATIONS

Subject (‘the Company’) was incorporated on December 28, 2005. The Company is engaged in the business of providing reservation and booking services relating to transport, travel, tours and tourism and developing customized solutions in the areas of transport, travel, tours and tourism for all types of travelers in India or abroad through the Internet, call-center and retail lounges.

FINANCIAL RESULTS

The Board is pleased with the performance of the Company. The Board noted the increase in Revenue and Other Income during the financial year ended March 31, 2011 compared with that achieved during last financial year ended March 31, 2010. Due to the increase in marketing and employee expenses to support the increased sales, there was a significant increase in loss for the year from Rs. (81.815) millions for the previous period to Rs. (389.535) millions for the current period. The Board is very bullish on the growth prospects of the travel business in general and of the Company’s strategic positioning and outlook for the foreseeable future.

FORM 8

Corporate identity number of the company	U63040MH2005FTC158404
Name of the company	YATRA ONLINE PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	93-B, Mittal Court, Nariman Point, Mumbai – 400 021, Maharashtra, India
This form is for	Creation of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	HDFC BANK LIMITED, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India
Nature of instrument creating charge	Agreement No. 19653887 for Auto Loan
Date of instrument Creating the charge	21.09.2011
Amount secured by the charge	Rs.0.645 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest 11.75% p.a. Terms of repayment Loan is repayable in 48 equal installments of Rs. 16910/- each Margin 10% of Ex-showroom price of the Asset Extent and operation of the charge The Company hypothecates to and charges in favour of the bank by way of first and exclusive charge of Vehicle described in item No. 15 as security for repayment / payment by the company of the loan granted or to be granted to the Company by the bank together with all fees, interest, costs and expenses incurred / to be incurred by the Bank and all other moneys payable or to become payable by the Company to the Bank. Other Nil

FIXED ASSETS:

v Computers and Peripherals

v Furniture’s and Fixtures

v Office Equipment

v Leasehold Improvements

v Vehicles

v Web site development

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.51.15
UK Pound	1	Rs.81.41
Euro	1	Rs.68.22

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	2
--MARGINS	-5~5	----
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.