MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	VALINGRO EXPONENTA LIMITED (w.e.f. 21.10.2008)
Formerly Known As :	VALINGRO CONSULTANCY LIMITED
Registered Office :	TPL House, 3^rd Floor, 3, Cenotaph Road, Teynampet, Chennai-600018, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	28.02.2005
Com. Reg. No.:	18-055505
Capital Investment / Paid-up Capital :	Rs.10.000 millions
CIN No.: [Company Identification No.]	U74140TN2005PLC055505
TAN No.: [Tax Deduction & Collection Account No.]	CHEV07266A
PAN No.: [Permanent Account No.]	AACCV1508K
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Providing consultancy Services
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (35)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 67000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Reserves appears to be low. It is improving its efficiency in operations but has recorded moderate income from services during 2012. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	TPL House, 3^rd Floor, 3, Cenotaph Road, Teynampet, Chennai-600018, Tamilnadu, India
Tel. No.:	91-44-24310185
Fax No.:	91-44-24310186
E-Mail :	info@valingro.com
Website :	www.valingro.com

DIRECTORS

As on 21.09.2012

Name :

Mr. Ar Rm Arun

Designation :

Director

Address :

Vishva Vilas, No.24, First Main Road, Kotturpuram, Chennai-600085, Tamilnadu, India

Date of Birth/Age :

18.12.1969

Date of Appointment :

28.02.2005

DIN No.:

00393361

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	U72300TN1998PLC040081	CHERRYTEC INTELISOLVE LIMITED	Director	27/04/1998	27/04/1998	20/07/2011	Active	NO
2	L32201TN1984PLC011434	SPEL SEMICONDUCTOR LIMITED	Director	15/10/1998	15/10/1998	-	Active	NO
3	U64201TN1999PLC041778	ACCUSPEED ENGINEERING SERVICES INDIA LIMITED	Director	24/01/2003	24/01/2003	12/10/2009	Active	NO
4	L24119TN1971PLC006083	TUTICORIN ALKALI CHEMICALS AND FERTILIZERS LIMITED.	Director	29/11/2004	29/11/2004	23/07/2008	Active	NO
5	L24294TN1986PLC013087	MANALI PETROCHEMICALS LIMITED	Director	25/01/2005	25/01/2005	20/03/2008	Active	NO
6	U74140TN2005PLC055505	VALINGRO EXPONENTA LIMITED	Director	28/02/2005	28/02/2005	-	Active	NO
7	U31900TN2007PLC063934	NATRONIX SEMICONDUCTOR TECHNOLOGY LIMITED	Director	13/06/2007	13/06/2007	-	Active	NO

Name :

Mrs. Valli Arun

Designation :

Director

Address :

Vishva Vilas, No.24, First Main Road, Kotturpuram, Chennai-600085, Tamilnadu, India

Date of Birth/Age :

08.08.1974

Date of Appointment :

28.02.2005

DIN No.:

00058085

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	U72300TN1998PLC040081	CHERRYTEC INTELISOLVE LIMITED	Director	16/08/2001	16/08/2001	20/10/2010	Active	NO
2	U72300TN1998PLC041321	BRAINWAVE BIOSOLUTIONS LIMITED	Whole-time director	18/01/2012	05/04/2002	-	Active	NO
3	U74140TN2005PLC055505	VALINGRO EXPONENTA LIMITED	Director	28/02/2005	28/02/2005	-	Active	NO

Name :

Mr. Koovapady Subramaniam Kirushnamani

Designation :

Director

Address :

New No.11, Old No.9, Eight Cross, Balaji Nagar, Chennai-600061, Tamilnadu, India

Date of Birth/Age :

22.01.1947

Date of Appointment :

24.03.2005

DIN No.:

00360022

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	U74140TN2005PLC055505	VALINGRO EXPONENTA LIMITED	Director	24/03/2005	24/03/2005	-	Active	NO
2	L34103TN1949PLC055488	AUTOMOBILE PRODUCTS OF INDIA LIMITED	Director	27/06/2008	31/01/2007	-	Active	NO
3	U90009TN1987NPL015003	SPIC OFFICERS AND STAFF WELFARE FOUNDATION	Director	30/09/2009	29/09/2008	-	Active	NO
4	U74900TN2009PTC070730	ADAM MANAGEMENT TECHNOLOGIES PRIVATE LIMITED	Director	13/02/2009	13/02/2009	-	Active	NO
5	U25209TN1980PTC008428	SHREE KARTHIKEYA LAMINATION IND PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO
6	U25900TN1980PTC008374	SRI RAM INDUSTRIES WOVON SACKS PRIVATE LIMITED	Director	12/04/2010	12/04/2010	-	Active	NO

Name :

Mr. Porura Vedagiri

Designation :

Director

Address :

4D, 12^th Cross Street, Sashtri Nagar, Adyar, Chennai-600020, Tamilnadu, India

Date of Birth/Age :

09.11.1942

Date of Appointment :

30.07.2010

DIN No.:

00846734

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	U65933TN1983PLC009993	GOLD NEST TRADING COMPANY LIMITED	Director	28/07/2003	28/07/2003	18/05/2009	Active	NO
2	U74140TN2005PLC055505	VALINGRO EXPONENTA LIMITED	Director	30/07/2010	25/02/2010	-	Active	NO
3	U72300TN1998PLC040081	CHERRYTEC INTELISOLVE LIMITED	Director	20/07/2011	10/09/2010	-	Active	NO
4	U32107TN2001PLC046563	CHIPTEST ENGINEERING LIMITED	Director	18/07/2012	24/01/2011	-	Active	NO

Name :

Mr. Ramabhadran Soundararajan

Designation :

Director

Address :

42, Ponni Amman Koil Street, Beasant Avenue, Cheenai-600020, Tamilnadu, India

Date of Birth/Age :

07.01.1933

Date of Appointment :

15.09.2011

DIN No.:

00030772

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	U93090TN1995PTC030660	SEPC POWER PRIVATE LIMITED	Director	27/03/1995	27/03/1995	29/06/2012	Active	NO
2	L24119TN1971PLC006083	TUTICORIN ALKALI CHEMICALS AND FERTILIZERS LIMITED.	Director	17/07/2009	11/04/2008	18/01/2012	Active	NO
3	U74140TN2005PLC055505	VALINGRO EXPONENTA LIMITED	Director	15/09/2011	22/01/2011	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 15.09.2011

Names of Shareholders	No. of Shares
Ar Rm Arun	499950
Valli Arun	499950
Vikram R. Arun	20
Vilasini M. Arun	20
S. Ravichandran	20
P. Vedagiri	20
Vijay Samuel Benjamin	20
Total	1000000

Equity Share Break up (Percentage of Total Equity)

As on 15.09.2012

Category	Percentage
Directors or relatives of Directors	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing consultancy Services

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Indian Bank

Facilities :

Secured Loan	31.03.2012 (Rs. in Millions)	31.03.2011 (Rs. in Millions)
Loans repayable on demand – From Banks	0.000	1.812
Total	0.000	1.812

Banking Relations :	--
Auditors :
Name :	M. S. Krishnaswami and Rajan Chartered Accountants
Address :	#10, Sambasivam Street, Chennai- 600017, Tamilnadu, India
Tel. No.:	91-44-28157561
Fax No.:	91-44-28474562
E-Mail :	mail@mskandr.com m.s.murali@mskandr.com
PAN No.:	AAHFM6331P
Subsidiaries :	· Accuspeed Engineering Services India Limited [CIN No.: U64201TN1999PLC041778] · Brainwave Biosolutions Limited [CIN No.: U72300TN1998PLC041321] · Vibrant Industries Limited [CIN No.: U24132TN2004PLC053675]
Associates:	· Cherrytec Intelisolve Limited · Chip Test Engineering Limited · SPEL Semiconductor Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Millions

Reconciliation of the number of equity shares and amount outstanding at the beginning and at the end of the report period

Particulars	Opening Balance	Fresh issue	Other Charges	Closing Balance
Equity shares with voting rights
Year ended 31 March, 2012
Number of shares	1000000	-	-	1000000
Amount in Millions	10000000	-	-	10000000

Details of shares held by each shareholder holding more than 5% of the Total Share Capital

Class of shares / Name of share holder	31.03.2012
	Number of shares held	% Holding in that class of shares
Equity Shares with voting rights
1. Mr. Ar Rm Arun	499950	49.99
2. Mrs. Valli Arun	499950	49.99

The Equity Shareholders are entitled to receive dividends as and when declared, a right to vote on proportion to holding etc., and then rights, preference and restrictions are governed by terms of their issue and the provisions of the Companies Act, 1956

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		10.000	10.000	5.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6.813	3.453	5.424
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		16.813	13.453	10.424
LOAN FUNDS
1] Secured Loans		0.000	1.812	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	1.812	0.000
DEFERRED TAX LIABILITIES		0.002	0.000	0.000
TOTAL		16.815	15.265	10.424
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.240	0.407	0.133
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		14.559	5.588	2.588
DEFERRED TAX ASSETS		0.000	0.009	0.083
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	0.968	1.178	0.774
	Cash & Bank Balances	0.158	2.813	6.247
	Other Current Assets	0.006	0.123	0.000
	Loans & Advances	2.342	6.897	2.590
Total Current Assets		3.474	11.011	9.611
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.199	0.225	0.214
	Other Current Liabilities	0.250	0.395	0.000
	Provisions	1.009	1.130	1.777
Total Current Liabilities		1.458	1.750	1.991
Net Current Assets		2.016	9.261	7.620
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		16.815	15.265	10.424

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	8.067	6.983	4.805
		Other Income	1.454	1.163	1.345
		TOTAL (A)	9.521	8.146	6.150
Less	EXPENSES
		Employee Benefit Expense	2.412	1.958	2.554
		Other Expenses	2.535	1.812
		TOTAL (B)	4.947	3.770	2.554
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4.574	4.376	3.596
Less	FINANCIAL EXPENSES (D)		0.002	0.012	0.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4.572	4.364	3.596
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.208	0.128	0.015
	PROFIT BEFORE TAX (E-F) (G)		4.364	4.236	3.581
Less	TAX (H)		1.005	1.207	0.882
	PROFIT AFTER TAX (G-H) (I)		3.359	3.029	2.699
	Earnings Per Share (Rs.)		3.36	3.03	5.40

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	35.28	37.18	43.89
Net Profit Margin (PBT/Sales)	(%)	54.10	60.66	74.53
Return on Total Assets (PBT/Total Assets}	(%)	117.50	37.10	36.75
Return on Investment (ROI) (PBT/Net worth)		0.26	0.31	0.34
Debt Equity Ratio (Total Liability/Net worth)		0.09	0.26	0.19
Current Ratio (Current Asset/Current Liability)		2.38	6.29	4.83

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions 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 (if applicable)	No
21]	Market information	------
22]	Litigations that the firm / promoter involved in	------
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Note:

The Registered office of the company has been shifted from Mac House No.4, Sardar Patel Road, Guindy, Chennai-600032, Tamilnadu, India to the present address w.e.f. 10.09.2010

BUSINESS OPERATIONS

a. Corporate Communications

The Company's Corporate Communications segment continues to do well. Tie additional activities under this segment viz., managing Websites, Corporate Profiles, Corporate Presentations. Press Relations, Marketing Collateral (Industry Updates. Newsletters and Product Leaflets) also continue to do well.

Like last year, the Company has successfully managed several events during the year, sponsored by Clients This segment generated revenues of Rs. 6.187 Millions during the year. The Company is confident that it will be a specialised service provider in Corporate Communications in the days to come, while adding more Clients.

b Springboards

Springboards the Company training segment showed a significant growth during the year while adding more number of Clients This segment is carrying on the business of training individuals and corporate, which help Clients improve their effectiveness through Leadership development and behavioral skills.

Springboards is partnered with Siemens and Amara Raja Batteries and this opportunity was gained by the performance of the division. The Company also obtained business from the following major Companies Madura Micro Finance Corp, Tamilnadu Petroproducts Limited. Eicher Trucks and Busses etc.

This segment generated revenues of Rs. 1.879 Millions during the year The Directors expect a significant growth in this segment in the days to come.

c. Building Specialized Businesses

i. Accuspeed Engineering Services India Limited

Accuspeed Engineering Services India Limited is engaged in detailed engineering services and onsite consulting services The Company has a 99.98% stake m Accuspeed Engineering Limited at an investment of Rs. 0.648 Millions. During the year, Accuspeed has made a profit after Tax of Rs.3.494 Millions

ii. BrainWave Biosolutions Limited

Brainwave Biosolutions Limited is a life science informatics Company that also includes unstructured text data management The Company holds a 99.99% stake in BrainWave at an investment of Rs. 1.139 Millions BrainWave is at a profit after tax of Rs. 2.299 Millions during the year

iii. Vibrant Industries Limited

Vibrant Industries Limited is engaged in trading distributing and warehousing in building materials and specialty chemicals, providing electrical and plumbing service and Agriculture. The Company has a 99.99% stake in Vibrant at an investment of Rs. 0.600 Millions. A profit after tax of Rs. 0.992 Millions has been made by Vibrant during the year.

FIXED ASSETS:

v Tangible

· Office Furniture

· Data Processing Machine

v Intangible

· Data Processing Software

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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--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		35

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.