MIRA INFORM REPORT

Report Date :

24.03.2012

IDENTIFICATION DETAILS

Name :	ATLAS LOGISTICS PRIVATE LIMITED (w.e.f.30.04.2002)
Formerly Known As :	DRH LOGISTICS (INDIA) PRIVATE LIMITED
Registered Office :	No.138, 2^nd Floor, Maruthi Tower, Hal Airport Road, Kodihalli, Bangalore-560 008, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	24.06.1999
Com. Reg. No.:	08-25375
Capital Investment / Paid-up Capital :	Rs.60.750 Millions
CIN No.: [Company Identification No.]	U63090KA1999PTC025375
TAN No.: [Tax Deduction & Collection Account No.]	BLRA05014C
PAN No.: [Permanent Account No.]	AAACD9963A
Legal Form :	Private Limited Liability Company.
Line of Business :	Subject is engaged in the business of Freight Forwarding
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 606000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well 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 – 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

LOCATIONS

Registered Office :	No.138, 2^nd Floor, Maruthi Tower, Hal Airport Road, Kodihalli, Bangalore-560 008, Karnataka, India
Tel. No.:	91-80-41113350
Fax No.:	91-80-41153933
E-Mail :	badari@blr.atlaslogistics.co.in
Website :	www.atlaslogistics.co.in
Branch Office :	Sahara Classic Building, Ground Floor, Opposite East Aai Colony, Sahara Road, Andheri (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-32418050
Fax No.:	91-22-415535

DIRECTORS

As on 29.09.2011

Name :

Mr. Hanumantha Rao Venkatesh Rao

Designation :

Managing Director

Address :

L-26-27, 2^nd Main HSR Layout, 6^th Sector, Bangalore-560 034, Karnataka, India

Date of Birth/Age :

26.04.1951

Date of Appointment :

24.06.1999

DIN No.:

00684672

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	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Managing director	24-06-99	24-06-99	-	Active	NO
2	U63090KA2000PTC027056	TRANSPEED LOGISTICS PRIVATE LIMITED	Director	26-04-02	26-04-02	30-03-09	Active	NO
3	U63090KA2011PTC058378	ATLAS MOVERS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO

Name :

Mr. Nikhil Sachdev

Designation :

Director

Address :

101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, Maharashtra, India

Date of Birth/Age :

07.09.1980

Date of Appointment :

24.06.1999

DIN No.:

00275466

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	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Director	24-06-99	24-06-99	-	Active	NO
2	U62100MH1993PTC192434	PELICAN AIR PRIVATE LIMITED	Director	03-09-05	03-09-05	-	Active	NO

Name :

Mr. Yoginder M. Sachdev

Designation :

Director

Address :

101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, Maharashtra, India

Date of Birth/Age :

23.02.1940

Date of Appointment :

16.01.2002

DIN No.:

00154232

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	U74899MH1992PTC164447	AIRLIFT SERVICES PRIVATE LIMITED	Director	16-11-93	16-11-93	-	Dormant	NO
2	U63013MH1992PTC165236	PELICAN AIR CARGO PVT LTD	Director	16-11-93	16-11-93	-	Dormant	NO
3	U62100MH1993PTC192434	PELICAN AIR PRIVATE LIMITED	Managing director	16-11-93	16-11-93	-	Active	NO
4	U63010MH1999PTC117850	PELICAN SHIPPING AND CLEARING AGENCY PRIVATE LIMITED	Director	13-01-99	13-01-99	-	Dormant	NO
5	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	NO
6	U63090KA2011PTC058378	ATLAS MOVERS PRIVATE LIMITED	Director	28-04-11	28-04-11	-	Active	NO

Name :

Ms. Pooja Sachdev

Designation :

Director

Address :

ST. Crispins Close, London, Great Britain-NE32QF

Date of Birth/Age :

18.10.1977

Date of Appointment :

01.04.2008

DIN No.:

02299603

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	U74899MH1992PTC164447	AIRLIFT SERVICES PRIVATE LIMITED	Director	01-01-96	01-01-96	-	Dormant	NO
2	U63013MH1992PTC165236	PELICAN AIR CARGO PVT LTD	Director	01-01-96	01-01-96	-	Dormant	NO
3	U62100MH1993PTC192434	PELICAN AIR PRIVATE LIMITED	Director	03-09-05	03-09-05	-	Active	NO
4	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Director	20-09-08	01-04-08	-	Active	NO

Name :

Ms. Priti Sachdev

Designation :

Director

Address :

101, Daffodils, 56 Pali Hills, Bandra, Mumbai-400 050, Maharashtra, India

Date of Birth/Age :

03.07.1949

Date of Appointment :

01.04.2004

DIN No.:

00154235

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	U74899MH1992PTC164447	AIRLIFT SERVICES PRIVATE LIMITED	Director	16-11-93	16-11-93	-	Dormant	NO
2	U63013MH1992PTC165236	PELICAN AIR CARGO PVT LTD	Director	16-11-93	16-11-93	-	Dormant	NO
3	U62100MH1993PTC192434	PELICAN AIR PRIVATE LIMITED	Director	16-11-93	16-11-93	-	Active	NO
4	U63010MH1999PTC117850	PELICAN SHIPPING AND CLEARING AGENCY PRIVATE LIMITED	Director	13-01-99	13-01-99	-	Dormant	NO
5	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Director	01-04-04	01-04-04	-	Active	NO

Name :

Mr. Oswald Raymond Dsouza

Designation :

Director

Address :

Ave Maria, Portugese Church, Dadar (West), Mumbai – 400028, Maharashtra, India

Date of Birth/Age :

28.07.1965

Date of Appointment :

23.09.2010

DIN No.:

02858312

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	U64201MH2010FTC198809	ON TIME INTERNATIONAL LOGISTICS PRIVATE LIMITED	Director	12-01-10	12-01-10	04-05-10	Active	NO
2	U63090KA1999PTC025375	ATLAS LOGISTICS PRIVATE LIMITED	Director	23-09-10	23-09-10	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Nikhil Sachdev	1890000
Airlift Services Private Limited	270000
Pelican Shipping And Clearing Agency Private Limited	270000
Pooja Sachdev	2430000
Venkatesh Rao H R	1215000
TOTAL	6075000

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of Freight Forwarding

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· State Bank of India, MID Corporate Loan Administration Unit, 3^rd Floor, Residency Plaza, No.61, Residency Road, Bangalore-560 025, Karnataka, India

· Syndicate Bank, Basaveshwar Road, Bangalore-560 052, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans banks secured	22.767	1.835
Working capital loans banks secured	241.841	244.825
Hire purchase installment payable secured	0.000	12.554
Total	264.608	259.214

Banking Relations :	--
Auditors :
Name :	Ishwar and Gopal Chartered Accountants
Address :	Shri Vinayaka Building, 21/3, TSP Road, Kalasipalyam, Bangalore-560 002, Karnataka, India
PAN.:	AAAFI2474E
Associates:	Pelican Air Private Limited Pelican Shipping and Clearing Agency Private Limited Airlift Services Private Limited Atlas Cargo Movers
Subsidiaries:	LV Global Holdings Private Limited
Joint Ventures :	Atlas Logistics Lanka Private Limited Atlas logisti cs ( Far East ) Private Limited Atlas Logisti cs Japan Co. Limited Atlas Logistics (H.K) Limited Atlas Air and Sea Consolidators Atlas Logistics UK Limited Atlas Logistics Taiwan Limited

CAPITAL STRUCTURE

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
6075000	Equity Shares	Rs.10/- Each	Rs.60.750 Millions

Out of the above 4950000 bonus Equity Shares have been allotted by capitalization of reserves and Surplus in profit and Loss account.

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		60.750	60.750	60.750
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		90.759	78.552	115.673
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		151.509	139.302	176.423
LOAN FUNDS
1] Secured Loans		264.608	259.214	193.003
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		264.608	259.214	193.003
DEFERRED TAX LIABILITIES		0.000	0.000	0.547
TOTAL		416.117	398.516	369.973
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		75.579	88.763	72.982
Capital work-in-progress		0.000	0.158	0.000
INVESTMENT		22.591	11.634	8.146
DEFERREX TAX ASSETS		9.943	17.506	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	378.884	321.578	271.735
	Cash & Bank Balances	70.813	101.944	151.749
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	99.607	92.158	81.407
Total Current Assets		549.304	515.680	504.891
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	178.474	191.567	186.644
	Other Current Liabilities	61.305	41.242	27.211
	Provisions	1.521	2.416	2.191
Total Current Liabilities		241.300	235.225	216.046
Net Current Assets		308.004	280.455	288.845
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		416.117	398.516	369.973

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Freight and Service Charges	2032.372	1755.997	1766.480
		Warehouse Income	0.000	0.000	14.069
		Other Income	15.474	4.315	3.799
		TOTAL (A)	2047.846	1760.312	1784.348
Less	EXPENSES
		Office Expenses	1990.888	1773.218	1697.944
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1990.888	1773.218	1697.944
Less	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		56.958	(12.906)	86.404
Less	FINANCIAL EXPENSES (D)		27.541	26.328	29.749
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		29.417	39.234	56.655
Less/ Add	DEPRECIATION/ AMORTISATION (F)		8.410	15.424	12.967
	PROFIT(LOSS) BEFORE TAX (E-F) (G)		21.007	(54.658)	43.688
Less	TAX (H)		7.563	18.053	19.446
	PROFIT(LOSS) AFTER TAX (G-H) (I)		13.444	(36.605)	24.242
	Earnings Per Share (Rs.)		2.21	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.66	(2.08)	1.36
Net Profit Margin (PBT/Sales)	(%)	1.03	(3.11)	2.47
Return on Total Assets (PBT/Total Assets}	(%)	3.36	(4.08)	7.56
Return on Investment (ROI) (PBT/Networth)		0.13	(0.39)	0.25
Debt Equity Ratio (Total Liability/Networth)		3.34	3.55	2.32
Current Ratio (Current Asset/Current Liability)		2.28	2.19	2.34

LOCAL AGENCY FURTHER INFORMATION

FINANCIAL HIGHLIGHTS

During the year, the Company’s Turnover was Rs.2032.372 millions as compared to previous year turnover of Rs.1755.997 millions and has earned Profit after Tax for the year amounting to Rs.13.444 millions as compared to previous year loss of Rs.36.605 millions.

AWARDS AND RECOGNITIONS

During the Financial Year Company had been awarded as

- Outstanding Performance Award from Cathay Pacific Air, Trivendrum for 2010-11

- Top Cargo Agent from Cathay Pacific Airlines – Bangalore Region stood as Sixth Ranking

- Outstanding Cargo Revenue Performance award from Cathay Pacific Airlines, Coimbatore for 2010

JOINT VENTURES / SUBSIDIARY COMPANIES:

1. L V Global Holdings Pte. Limited is a Subsidiary Company incorporated in Singapore. The Statement of Accounts are attached as per Sec. 212 of the Companies Act, 1956

2. Atlas Logistics ( Far East) Pte. Limited is a Joint Venture incorporated in Singapore engaged in Freight Forwarding business has made a turnover of SGD 53,42,013 ( previous year SGD 41,24,516) with a Net Profit of SGD 1,00,221 [ previous year SGD (2,71,979)]

3. Atlas Logistics Japan Company Limited, is a Joint Venture incorporated in Japan engaged in Freight Forwarding business has made a turnover of JPY 201,424,109 (previous year JPY 133,758,768) with a Net Profit of JPY 31,298 (previous year JPY 32,821)

4. Atlas Logistics Lanka Private Limited, is a Joint Venture incorporated in Colombo engaged in Freight Forwarding business has made a turnover of LKR 119,957,072 ( Previous Year LKR 97,626,101 ) with a Net Loss of LKR 5,166,100 ( Previous year LKR 1,284,400 )

5. Atlas Logistics (H.K) Limited is a Joint Venture incorporated in Hongkong engaged in Freight forwarding business has made a turnover of HKD 33,833.65 ( previous year HKD Nil ) with a Net Profit of HKD 24,024.47 [ Previous year HKD (10428.94 )]

6. Atlas Logistics UK Limited, is a new Joint Venture incorporated in U.K engaged in Freight forwarding business has made a turnover of GBP 14,47,462 ( previous year GBP 1,93,854) with a Net Loss of GBP 72,109 [ Previous year GBP (33,765 )]

7. Atlas Logistics Taiwan Limited, is a new Joint Venture incorporated in Taiwan engaged in Freight forwarding business has made a turnover of TWD 98,229,599 ( previous year TWD Nil) with a Net Profit of TWD 3,346,402 [ Previous year TWD Nil ]

CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF –

• Counter Guarantees given by the Company in respect of Bank Guarantees given in favor of State Bank of India Rs.2.617 millions ( Rs.1.490 millions).

• Investment in Share Capital of Atlas Logistics UK Limited – GBP 250 ( GBP 250) INR 18355/- ( INR 19150/-)

• Disputed Service Tax liabilities Rs.63.640 millions with appropriate interest against which the Company is contemplating appeal.

Bankers Charges Report as per Registry

Corporate identity number of the company	U63090KA1999PTC025375
Name of the company	ATLAS LOGISTICS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	No.138, 2^nd Floor, Maruthi Tower, Hal Airport Road, Kodihalli-560 008, Karnataka
This form is for	Modification of charge
Charge identification number of the modified	10036841
Type of charge	Book Debts Movable Property Immovable Property Others Vehicles
Particular of charge holder	State Bank of India, MID Corporate Loan Administration Unit, 3^rd Floor, Residency Plaza, No.61, Residency Road, Bangalore-560 025, Karnataka, India
Nature of description of the instrument creating or modifying the charge	Supplemental agreement of hypothecation of goods and assets for increase in the overall limit (c.2-a) Letter regarding the grant of indivdual limits within the overall limit (c-5) Memorandum of deposit for creation of further charge for term loan (c-10) (all the documents relate to the same modification)
Date of instrument Creating the charge	29.01.2010
Amount secured by the charge	Rs.341.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC : Interest @ SBAR, Present effective rate 11.75% TL : Interest @ 1.00% above SBAR Terms of Repayment WC : Repayable on demand CL : Repayable in 11 quarterly installments TL : Repayable in 36 months Margin 25% Extent and Operation of the charge Charge extends by way of first charge on all the assets throughout the period of sanctioned limits. Others EM on house property situated at No. 1621, 3rd Cross, 2nd Phase, J. P. Nagar, Bangalore measuring about 1200Sft belonging to Mrs. priti Sachdev, Director
Short particulars of the property charged	Hypothecation of the whole of the present and future receivables, book debts, other current assets belonging to the company Hypothecation of vehicles purchased out of bank's finance EM on co's immovable properties situated at Sy. No. 21, Hissa No. 1, CTS 23 and Sy. No. 93-A, Hissa No. 4 CTS No. 21, situated at " Sahar Classic", Ground Floor, Sahar Road, Andheri Taluka, Mumbai Suburban District building measuring 5260.91 Sft
Date of latest modification prior to the present modification	08.04.2008
Particulars of the present modification	Total limits enhanced from Rs. 28.17 Crores to Rs. 34.17 Crores. EM on co's immovable properties situated at Sy. No. 21, Hissa No. 1, CTS 23 and Sy. No. 93-A, Hissa No. 4 CTS No. 21, situated at " Sahar Classic", Ground Floor, Sahar Road, Andheri Taluk, Mumbai Suburban District. building measuring 5260.91 Sqft. All other terms, conditions and existing securities to continue.

Fixed Assets:

· Land

· Building

· Computer

· Machinery and Office Equipments

· Electrical Installation

· Furniture and Fixture

· Motor Trucks

· Motor 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.50.91
UK Pound	1	Rs.80.77
Euro	1	Rs.67.40

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	6
--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		47

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.