MIRA INFORM REPORT

Report Date :

29.06.2012

IDENTIFICATION DETAILS

Name :	EXA THERMOMETRICS INDIA PRIVATE LIMITED (w.e.f. 24.06.1985)
Formerly Known As :	GE THERMOMETRICS INDIA PRIVATE LIMITED
Registered Office :	No. 73/E, Electronics City, Bangalore - 560100, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	15.11.1993
Com. Reg. No.:	08-014927
Capital Investment / Paid-up Capital :	Rs. 103.698 Millions
CIN No.: [Company Identification No.]	U31909KA1993PTC014927
TAN No.: [Tax Deduction & Collection Account No.]	BLRB00863C
PAN No.: [Permanent Account No.]	AABCB1778J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of Temperature Sensors.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 690000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an old established company having satisfactory track. There appears a huge dip in the profitability of the company during the year 2011. However, trade relations are reported as fair. Business is active. Payments are reported to be usually correct. The company can be considered 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 (30.09.2011)	Current Rating (31.12.2011)
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. 73/E, Electronics City, Bangalore - 560100, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	jacob@exasense.in
Website :	http://www.exathermometrics.co.in
Head Office :	# 181, Lake Shore Road, B.T.M. Layout, Bangalore-560076, Karnataka, India
Tel. No.:	91-80-40698200/40698210/211/ 40698400
Fax No.:	91-80-40698224
E-Mail :	indiasales.thermometrics@ge.com

DIRECTORS

AS ON 30.09.2011

Name :

Mr. Padman Geoffrey Nambiar

Designation :

Managing director

Address :

No 301 5^th B Cross 3^rd Main OMBR Layout, Bangalore-560043, Karnataka, India

Date of Birth/Age :

08.04.1957

Qualification :

B.Sc (Physics), B.E. (Hons) Electronics

Experience :

31 Years

Date of Appointment :

15,11.1993

DIN No.:

00430703

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74140KA1984PTC006023	NAMTECH CONSULTANTS PRIVATE LIMITED	Director	16-04-84	16-04-84	Active	NO
2	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Managing director	03-10-09	16-04-84	Active	NO
3	U24243KL1974PLC002610	SYNTHETIC DETERGENTS LIMITED	Director	23-10-92	23-10-92	Active	NO
4	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Managing director	15-11-93	15-11-93	Active	NO
5	U40109KL1995PTC008953	KANNUR POWER PROJECTS PRIVATE LIMITED	Director	26-04-95	26-04-95	Active	NO
6	U65993KA2007PTC042844	EXASENSE HOLDINGS PRIVATE LIMITED	Director	18-05-07	18-05-07	Active	NO

Name :

Mr. Jacob John

Designation :

Director

Address :

A404, Ranka Corner Apartments, Cambridge Road, Bangalore – 560008, Karnataka, India

Date of Birth/Age :

28.09.1962

Date of Appointment :

29.09.2009

DIN No.:

00602630

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Director	29-06-01	29-06-01	-	Active	NO
2	U74140KA1984PTC006023	NAMTECH CONSULTANTS PRIVATE LIMITED	Director	18-08-05	18-08-05	-	Active	NO
3	U72900KA1998PTC024249	DATACORE TECHNOLOGIES PRIVATE LIMITED	Director	20-08-05	20-08-05	02-07-07	Active	NO
4	U72900KA1999PLC025144	ALP CONSULTING LIMITED	Director	20-08-05	20-08-05	02-07-07	Active	NO
5	U65993KA2007PTC042844	EXASENSE HOLDINGS PRIVATE LIMITED	Director	18-05-07	18-05-07	-	Active	NO
6	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Director	29-09-09	29-09-09	-	Active	NO

Name :

Mr. Kunnath Puthiyaveetil Padmanabhan Nambiar

Designation :

Director

Address :

Kalliya Seri Veedu, 57/ I Main, 3 Block, Rajmahal Vilas Stage II, Bangalore-560094, Karnataka, India

Date of Birth/Age :

15.04.1929

Date of Appointment :

15.11.1993

DIN No.:

00893466

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24243KL1974PLC002610	SYNTHETIC DETERGENTS LIMITED	Director	30-05-74	30-05-74	-	Active	NO
2	L85110KA1984PLC006416	NAMTECH ELECTRONIC DEVICES LIMITED	Director	29-08-08	26-03-89	-	Active	NO
3	U74140KA1984PTC006023	NAMTECH CONSULTANTS PRIVATE LIMITED	Director	01-04-89	01-04-89	-	Active	NO
4	U85110KA1991PLC011591	NAMTECH TAI LIMITED	Director	22-01-91	22-01-91	-	Active	NO
5	U65993KA1992PTC012764	SPACE WAVE INVESTMENTS PRIVATE LIMITED	Director	28-01-92	28-01-92	-	Active	NO
6	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Director	15-11-93	15-11-93	-	Active	NO
7	U40109KL1995PTC008953	KANNUR POWER PROJECTS PRIVATE LIMITED	Director	26-04-95	26-04-95	-	Active	NO
8	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Director	22-12-95	22-12-95	12-01-08	Active	NO
9	U74140KA1998PTC023731	SANTECH CYBERNETICS PRIVATE LIMITED	Director	14-05-98	14-05-98	-	Dormant	NO

Name :

Mr. Aneil Padman Nambiar

Designation :

Director

Address :

301, 5^th B Cross, 3^rd Main, OMBR Layout, Banaswadi, Bangalore-560043, Karnataka, India

Date of Birth/Age :

02.03.1984

Date of Appointment :

23.03.2010

DIN No.:

02494548

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U74140KA1984PTC006023	NAMTECH CONSULTANTS PRIVATE LIMITED	Director	26-08-05	26-08-05	Active	NO
2	U65993KA2007PTC042844	EXASENSE HOLDINGS PRIVATE LIMITED	Director	18-05-07	18-05-07	Active	NO
3	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Director	23-03-10	23-03-10	Active	NO
4	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Additional director	01-04-10	01-04-10	Active	NO

Name :

Mr. Daniel Kevin Chindon Nambiar

Designation :

Director

Address :

67, Station Road, Chinnor Oxfordshire, OX394EX, United Kingdom

Date of Birth/Age :

04.08.1985

Date of Appointment :

23.03.2010

DIN No.:

03084224

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Director	23-03-10	23-03-10	Active	NO
2	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Additional director	07-10-11	07-10-11	Active	NO
3	U74140KA1984PTC006023	NAMTECH CONSULTANTS PRIVATE LIMITED	Additional director	07-10-11	07-10-11	Active	NO
4	U24243KL1974PLC002610	SYNTHETIC DETERGENTS LIMITED	Additional director	18-06-12	18-06-12	Active	NO

Name :

Mr. Puthur Francis Sebastain

Designation :

Director

Address :

12/322, Puthur House, Attoor Road, Kuttur, Trichur – 680013, Kerala, India

Date of Birth/Age :

10.04.1944

Date of Appointment :

22.03.2010

DIN No.:

02812964

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U85110KA1984PLC006024	EXASENSE LABS LIMITED	Director	31-08-09	31-08-09	Active	NO
2	U31909KA1993PTC014927	EXA THERMOMETRICS INDIA PRIVATE LIMITED	Director	22-03-10	22-03-10	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2011

Names of Shareholders	No. of Shares
Namtech Consultants Private Limited, India	3869780
KPP Nambiar	10
Padman Geofffre Nambiar	4000010
Exasense Labs Limited (India)	2500000
Total	10369800

AS ON 30.09.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	61.42
Directors or relatives of directors	38.58
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Temperature Sensors.

PRODUCTION STATUS AS ON (31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
PTC Thermistors		N.A.	10,000,000	49,740
NTC Thermistors		N.A.	43,400,000	15,472,562

* Installed capacities are as certified by the management.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

The Hong Kong and Shanghai Banking Corporation Limited, No 7, Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India

Facilities :

Secured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Rupee term loans financial institutions secured	71.803	100.000
Loans taken for vehicles secured	1.148	0.000
Other debt secured	91.922	0.000
Interest accrued due debentures secured	0.358	0.000
Total	165.231	100.000
Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Other debt unsecured	9.000	0.000
Interest accrued due other debt unsecured	0.250	0.000
Total	9.250	0.000

Banking Relations :	--
Auditors :
Name :	R G Hegde and Company Chartered Accountants
Address :	# 166/1, 8th Cross, 7th Main, Malleswaram, Bangalore–560003, India
Income-tax PAN of auditor or auditor's firm :	AAAFN5937F
Enterprises over which key management personnel is able to exercise control :	· Exasense Labs Limited · Namtech Consultants Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs. 10/- each	Rs. 250.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10369800	Equity Shares	Rs. 10/- each	Rs. 103.698 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		103.698	103.698	14.223
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		105.644	100.000	601.525
4] (Accumulated Losses)		(35.585)	(49.986)	0.000
NETWORTH		173.757	153.712	615.748
LOAN FUNDS
1] Secured Loans		165.231	100.000	0.000
2] Unsecured Loans		9.250	0.000	0.000
TOTAL BORROWING		174.481	100.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		348.238	253.712	615.748
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		86.069	77.337	75.247
Capital work-in-progress		7.669	12.988	11.513
INVESTMENT		0.400	0.400	0.400
DEFERREX TAX ASSETS		1.524	1.423	1.857
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	129.180	82.592	93.883
	Sundry Debtors	66.026	72.224	57.146
	Cash & Bank Balances	5.803	44.626	328.789
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	132.550	63.831	104.604
Total Current Assets		333.559	263.273	584.422
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	55.843	65.457	39.030
	Other Current Liabilities	3.425	6.667	2.129
	Provisions	21.715	29.585	16.532
Total Current Liabilities		80.983	101.709	57.691
Net Current Assets		252.576	161.564	526.731
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		348.238	253.712	615.748

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Sales Turnover	458.100	427.500	506.086
		Other Income	N.A.	N.A.	N.A.
		TOTAL (A)	N.A.	N.A.	N.A.
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	N.A.	N.A.	N.A.
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		88.363	144.925	191.890
Less	FINANCIAL EXPENSES (D)		18.567	0.569	0.659
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		69.796	144.356	191.231
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.164	12.367	11.542
	PROFIT BEFORE TAX (E-F) (G)		55.632	131.989	179.689
Less	TAX (I)		(0.809)	23.256	0.177
	PROFIT AFTER TAX (G-I) (J)		56.441	108.742	179.512
	EARNINGS IN FOREIGN CURRENCY
		Exports on FOB basis	419.416	379.241	475.023
		Tooling income	0.207	0.101	0.194
		Reimbursement of expenses	0.000	0.180	0.000
		Testing charges	0.000	0.000	0.063
	TOTAL EARNINGS		419.623	379.522	475.280
	IMPORTS
		Raw Materials	172.534	107.107	120.908
		Stores & Spares	1.588	0.554	1.992
		Capital Goods	6.301	3.915	2.199
	TOTAL IMPORTS		180.423	111.576	125.099
	Earnings Per Share (Rs.)		5.44	73.50	126.21

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
Net Profit Margin (PBT/Sales)	(%)	12.14	30.87	35.51
Return on Total Assets (PBT/Total Assets}	(%)	13.26	38.75	27.24
Return on Investment (ROI) (PBT/Networth)		0.32	0.86	0.29
Debt Equity Ratio (Total Liability/Networth)		1.47	1.31	0.09
Current Ratio (Current Asset/Current Liability)		4.12	2.59	10.13

LOCAL AGENCY FURTHER INFORMATION

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

FINANCIAL RESULTS

During the year, the Company has achieved a net sales turnover of Rs. 458.100 Millions as against the turn over of Rs.427.500 Millions in the previous year. However, due to increase in cost of personnel and interest, the company has earned reduced profit of Rs.55.600 Millions as against Rs.131.300 Millions in the previous year. After the buyout of GE, the engagement of customers is underway and is expected to be completed by the end of Financial Year 2012-13. The Company is confident of improved sales and profits from the Financial Year 2012-13.

BUSINESS REVIEW

.

EXPORTS

The Company continued unhindered exports to various parts of the world, despite being in the midst of an unprecedented global recession and credit crunch.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U31909KA1993PTC014927
Name of the company	EXA THERMOMETRICS INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	NO.73/E , Electronics City, Bangalore - 560100, Karnataka, India
This form is for	Creation of charge
Type of charge	Immovable Property Any interest in immovable property
Particular of charge holder	The Hongkong And Shanghai Banking Corporation Limited, No 7, Mahatma Gandhi Road, Bangalore – 560001, Karnataka, India Email ID: janardhanbhat@hsbc.co.in
Nature of description of the instrument creating or modifying the charge	Memorandum of Entry and Declaration dtd 09.11.2011
Date of instrument Creating the charge	09.11.2011
Amount secured by the charge	Rs. 170.500 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest shall be payable by the company on the facilities as per banks tariff, subject however that the bank shall have the right to change the rate of interest after giving notice to the company. Terms of Repayment In consideration of banking facilities sanctioned/to be sanctioned by the bank to the Company, the company has mortgaged and charged to the bank by way of exclusive Charge/ 2nd charge ,the properties mentioned in the in the memorandum of entry to secure the repayment of the advance together with interest cost and all other charge to secure the repayment. Margin The Company shall maintain such margin as may be specified by the bank from time to time. Extent and Operation of the charge In case the company fails to fulfill its obligation under the agreement, the bank shall be entitled to take possession of the mortgaged properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its Claims.
Short particulars of the property charged	Exclusive charge on Unit 2 located at No.85/A, Electronic City Phase-I, Hosur Road, Bangalore -560 100 for Term Loan facilities of INR 20MNand 2nd charge on Unit 2 for Working Capital facilities of INR 150.50MN

CONTINGENT LIABILITIES:

(Rs. in Millions)

Particulars	31.03.2011	31.03.2010
Estimated amount of contracts remaining to be executed on capital account and not provided for	1.181	1.385

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. 56.92
UK Pound	1	Rs. 88.91
Euro	1	Rs. 71.25

INFORMATION DETAILS

Report Prepared by :

BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		41

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

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.