MIRA INFORM REPORT

Report Date :

20.11.2012

IDENTIFICATION DETAILS

Name :	MAKEMYTRIP (INDIA) PRIVATE LIMITED [w.e.f. 28.06.2002]
Formerly Known As :	TRAVEL BY WEB PRIVATE LIMITED
Registered Office :	UG-7, (Front Side), TDI Mall, Rajouri Garden, New Delhi – 110027
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.04.2000
Com. Reg. No.:	55-105210
Capital Investment / Paid-up Capital :	Rs.2168.615 Millions
CIN No.: [Company Identification No.]	U63040DL2000PTC105210
TAN No.: [Tax Deduction & Collection Account No.]	DELM10603F
PAN No.: [Permanent Account No.]	AADCM5146R
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged in the business of online (web based) selling of travel products and solutions.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (29)

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

Maximum Credit Limit :	USD 4276000
Status :	Moderate
Payment Behavior :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The Company can be considered for business dealing 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

LOCATIONS

Registered Office :	UG-7, (Front Side), TDI Mall, Rajouri Garden, New Delhi – 110027, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	kamal.avutapalli@makemytrip.com
Website:	http://www.makemytrip.com
Branch Office :	103 Udyog Vihar Phase – 1, Gurgaon – 122016, Haryana, India
Tel. No.:	91-124-4395000
Fax No.:	91-124-4395100

DIRECTORS

As on 03.09.2011

Name :

Mr. Deep Kalra

Designation :

Whole Time Director

Address :

J-6/11A, DLF Phase II, Gurgaon -122002, Haryana, India

Date of Birth/Age :

06.07.1996

Date of Appointment :

13.04.2000

DIN No.:

00039609

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	U63040DL2000PTC105210	MAKEMYTRIP (INDIA) PRIVATE LIMITED	Whole-time director	4/13/2000	4/13/2000	-	Active	NO
2	U72900DL2000PTC105592	TRAVOGUE ELECTRONIC TRAVEL PRIVATE LIMITED.	Director	5/8/2000	5/8/2000	-	Active	NO
3	U18101RJ2005PTC021793	NEEMRANA KNITFAB PRIVATE LIMITED	Director	12/21/2005	12/21/2005	3/15/2011	Active	NO
4	U74899DL1999PLC101534	INDIAMART INTERMESH LIMITED	Director	9/1/2009	5/4/2009	-	Active	NO
5	U72200DL2000PLC108985	ONE 97 COMMUNICATIONS LIMITED	Director	9/29/2010	1/15/2010	-	Active	NO

Name :

Mr. Keyur Joshi

Designation :

Whole Time Director

Address :

Plot No. S – 97, Panchsheel Park, New Delhi – 110017, India

Date of Birth/Age :

17.01.1973

Date of Appointment :

21.12.2001

DIN No.:

00039652

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	U63040DL2000PTC105210	MAKEMYTRIP (INDIA) PRIVATE LIMITED	Whole-time director	12/21/2001	12/21/2001	-	Active	NO
2	U72900DL2000PTC105592	TRAVOGUE ELECTRONIC TRAVEL PRIVATE LIMITED.	Director	12/8/2003	12/8/2003	-	Active	NO

Name :

Mr. Aditya Guleri

Designation :

Director

Address :

2805 Churchi drive, Hillsborough, CA-94010 USA

Date of Birth/Age :

11.02.1965

Date of Appointment :

19.01.2007

DIN No.:

01224065

Name :

Mr. Frederic Lalonde

Designation :

Director

Address :

14 Place Cambrai Outermonte, Quebec H2V1X5, Canada

Date of Birth/Age :

10.11.1973

Date of Appointment :

21.06.2005

DIN No.:

00739136

Name :

Mr. Philip Wolf

Designation :

Director

Address :

36 Big Trail, Sherman, Connecticut – 06784, USA

Date of Birth/Age :

02.07.1956

Date of Appointment :

29.09.2005

DIN No.:

00886362

Name :

Mr. Ravi Adusumalli

Designation :

Director

Address :

741, Northland Drive, Salt Lake City, UTAH 84103, USA

Date of Birth/Age :

14.01.1976

Date of Appointment :

21.06.2005

DIN No.:

00253613

KEY EXECUTIVES

Name :	Mr. A Kamal Kishore
Designation :	Secretary
Address :	303, MS 1, Kendriya Vihar, Sector 56, Gurgaon – 122016, Haryana, India
Date of Birth/Age :	08.07.1981
Date of Appointment :	28.10.2009

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Deep Kalra	2
MakeMyTrip Limited, Mauritius	2,20,465,475
Total	2,20,465,477

As on 20.01.2012

Names of Allotees	No. of Shares
MakeMyTrip Limited, Mauritius	7,364,550
Total	7,364,550

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged in the business of online (web based) selling of travel products and solutions.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India

(Rs. In Millions)

Facilities :

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans bank secured	A) 174.619	B) 180.228
Loans taken for vehicles secured	C) 8.116	D) 5.156
Finance lease obligation long – term secured	E) 1.374	F) 4.176
Total	184.109	189.560
Notes: A) This includes: Bank overdraft 174.619 Millions (secured by lien of fixed deposits with bank, repayable on demand) B) This includes: Bank overdraft 180.227 Millions (secured by lien of fixed deposits with bank, repayable on demand) C) This represents Vehicle Loans (secured by the hypothecation of Vehicle). [repayable within one year Rs.2.699 Millions] D) This represents Vehicle Loans (secured by the hypothecation of Vehicle). [repayable within one year Rs.1.135 Millions] E) This represents Finance lease obligation (secured by hypothecation of vehicles) F) This represents Finance lease obligation (secured by hypothecation of vehicles)

Banking Relations :	--
Auditors :
Name :	BSR and Associates Chartered Accountants
Address :	Building No.10, 8^th Floor, Tower B, DLF Cyber City, Phase – II, Gurgaon- 122002, Haryana, India
PAN.:	AADFB6889R
Holding Company (Controlling interest exists) :	Make My Trip Limited, Mauritius (formerly Known as International Web Travel Private Limited)
Ultimate Holding Company (Until August 17, 2010) :	SB Asia Investment Fund II, Limited Partnership, Cayman Island
Enterprise having significant influence over the company (with effect from August 18, 2010)	SB Asia Infrastructure Fund II, Limited Partnership, Cayman Island
Fellow Subsidiary Company:	MakeMyTrip.com Inc.USA

CAPITAL STRUCTURE

After 30.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
227830027	Equity Shares	Rs.10/- each	Rs.2278.300 Millions

As on 30.09.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
220465477	Equity Shares	Rs.10/- each	2204.654 Millions

As on 31.03.2011

Authorised Capital:

No. of Shares	Type	Value	Amount
220000000	Equity Shares	Rs.10/- each	Rs.2200.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2168614770	Equity Shares	Rs.10/- each	Rs.2168.615 Millions

Note: Of the above 216,861,475 equity share are held by MakeMyTrip Limited (Formerly Known as International Web Travel Private Limited), the holding company incorporate in Mauritius.

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		2168.615	2168.614	1670.741
2] Share Application Money Pending Allotment		450.500	0.000	497.835
3] Reserves & Surplus		31.957	31.957	5.555
4] (Accumulated Losses)		(1582.023)	(1812.513)	(1582.859)
NETWORTH		1069.049	388.058	591.272
LOAN FUNDS
1] Secured Loans		184.109	189.560	413.697
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		184.109	189.560	413.697
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1253.158	577.618	1004.969
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		281.260	257.389	281.755
Capital work-in-progress		16.896	1.319	0.288
INVESTMENT		0.000	0.000	0.00
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	39.189
	Sundry Debtors	595.576	669.858	333.615
	Cash & Bank Balances	1054.187	909.341	947.388
	Other Current Assets	24.865	72.606	41.870
	Loans & Advances	1052.325	479.192	291.429
Total Current Assets		2726.953	2130.997	1653.491
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1164.952	1297.516	326.634
	Other Current Liabilities	568.778	494.873	589.367
	Provisions	38.221	19.698	14.564
Total Current Liabilities		1771.951	1812.087	930.565
Net Current Assets		955.002	318.910	722.926
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1253.158	577.618	1004.969

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income from operation	5710.950	3949.438	2334.808
		Other Income	NA	77.137	59.306
		TOTAL (A)	NA	4026.575	2394.114
Less	EXPENSES
		Personnel Expenses		717.227	415.088
		Operating Expenses		2597.091	1728.843
		Administrative Expenses		857.403	596.717
		TOTAL (B)		4171.721	2740.648
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			(145.146)	(346.534)
Less	FINANCIAL EXPENSES (D)			10.548	29.103
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	(155.694)	(375.637)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			73.960	73.867
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		230.500	(229.654)	(449.504)
Less	TAX (H)		0.000	0.000	6.946
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		230.500	(229.654)	(456.450)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.000	(1582.859)	(1126.409)
	BALANCE CARRIED TO THE B/S		NA	(1812.513)	(1582.859)
	EARNINGS IN FOREIGN CURRENCY		3544.333	1933.949	1182.883
	TOTAL EARNINGS		3544.333	1933.949	NA
	Earnings Per Share (Rs.)		(1.06)	(1.13)	(2.87)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	NA	5.70	19.06
Net Profit Margin (PBT/Sales)	(%)	4.03	5.81	19.25
Return on Total Assets (PBT/Total Assets}	(%)	8.45	10.77	27.18
Return on Investment (ROI) (PBT/Networth)		0.21	0.59	0.76
Debt Equity Ratio (Total Liability/Networth)		1.65	4.66	1.57
Current Ratio (Current Asset/Current Liability)		1.53	1.17	1.77

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

The Company was incorporation on 13 April 2000 as a private limited company in New Delhi, India. The Company is a Subsidiary of MakeMyTrip Limited, Mauritius. SB Asia Infrastructure Fund II is the principal shareholder with 41.68 % shareholder in MakeMyTrip Limited. The Company is engaged in the business of selling of travel product and solutions. The Company offers its customers the entire gamut of travel services including ticketing, hotel and packages, car rentals, hotel etc.

FINANCIAL PERFORMANCE

During the financial year, the company earned Income from Operation to the tune of Rs. 5719.500 millions as compared to Rs. 3949.400 Millions in the previous year, making a significant growth of 45% over the last year.

The fiscal year happened to be an outstanding year for the company as the company earned profit before taxes of Rs.230.500 Millions as against Loss before taxes of Rs.229.600 Millions in the previous financial year.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10261952
Corporate identity number of the company	U63040DL2000PTC105210
Name of the company	MAKEMYTRIP (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	UG-7, (Front Side) TDI Mall, Rajouri Garden, New Delhi – 110027, India Email: kamal.avutapalli@makemytrip.com
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	Yes Bank Limited, 9^th Floor, Nehru Centre, Discovery of India, Dr. Annie Besant Road, Worli, Mumbai – 400018, Maharashtra, India Email: delhicadmidoffice@yesbank.in
Nature of description of the instrument creating or modifying the charge	Supplemental Deed of Hypothecation dated 28.02.2012
Date of instrument Creating the charge	28.02.2012
Amount secured by the charge	Rs.1080.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Overdraft: YES Bank Rate plus 2.50% p.a. Export Credit(Pre/Post Shipment in INR/FCY)-to be decided by the lender at the time of transaction Financial Bank Guarantee(FBG):0.50% p.a. plus applicable taxes Terms of Repayment Overdraft (OD):Payable on Demand Export Credit (Pre/Post Shipment in INR/FCY)- N.A. Financial Bank Guarantee: NA Margin Overdraft / Export Credit (Pre/Post Shipment in INR/FCY): 25% on [book debts (not more than 90 days old) plus stock minus creditors.] Financial Bank Guarantee : 25% in the form of Fixed Deposit receipt under lien with YES Bank Limited. Extent and Operation of the charge First Pari Passu charge on all the Current Assets and Movable Fixed Assets of the Borrower (both present and future) .
Short particulars of the property charged	1) First Pari Passu charge on whole of the Current Assets of the borrower's stocks of raw material, semi-finished and finished goods, stores and spares, bills receivables and book debts (both present and future) 2) First Pari Passu charge on all the moveable Fixed Assets including Plant and Machinery, both present and future, located anywhere in India.
Particulars of the present modification	Existing Overdraft facility of INR 250 MM stands unchanged. Fresh Export Credit (Pre/Post Shipment in INR/FCY) facility of INR 250 MM sanctioned as a sub limit of OD facility Existing FBG facility of INR 830 MM stands unchanged. The total exposure remains unchanged at INR 1,080 MM.

FIXED ASSETS

· Computers

· Office equipments

· Furniture and fixtures

· Motor vehicles

· Leasehold improvements

· Diesel generator sets

WEBSITE DETAILS:

PRESS RELEASES

MakeMyTrip Limited to be listed on NASDAQ;

Trading to Begin on August LIZ], 2010

New Delhi and New York, August 11, 2010: MakeMyTrip Limited, the parent company of MakeMyTnp (India) Private Limited and MakeMyTrip.com Inc., India's largest online travel company', today announced that it has priced its initial public offering of 5,000,000 ordinary shares at a price of USD14 per share. The company's ordinary shares will begin trading on the NASDAQ Global Market on 12 Aug 2010 under the symbol "MMYT".

Of the total offering of 5,000,000 ordinary shares, 3,846,1540 rdina1-y shares are being offered by the company, while 1,153,846 ordinary shares are being offered by certain selling shareholders. In connection with the offering, the company and certain of the selling shareholders have granted to the underwriters an option to purchase up to an additional 750,000 ordinary shares to - cover over-allotments.

MakeMyTrip Limited has stated that it intends to use the net proceeds from the sale of the ordinary Shares by the company to expand its operations by acquiring or investing in strategic businesses or Assets that complement the company's service and offerings and to invest in enhancements to its Technology, as well as for working capital and other general corporate purposes.

Morgan Stanley acting as the sole book running manager of the offering and Oppenheimer and co. Inc. And pacific Crest Securities LLC is acting as co-manager.

ABOUT MAKEMYTRIP LIMITED AND MAKEMYTRIP.COM:

MakeMyTrip limited is the parent company of MakeMyTrip (India) Private Limited and MakeMyTrip.com Incorporated India Largest online travel company. The Company services and products include air tickets customized holiday packages, hotel booking, railway tickets, bus tickets, car hire and facilitating access to travel insurance. Through its primary website, www.makemytrip.com and other technology-enhanced platforms, the company provides access to all major airlines operating to and from India, over 4,000 hotels in India and a Wide selection of Hotels outside India, India Railway and several major India bus operations.

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. 54.97
UK Pound	1	Rs. 87.50
Euro	1	Rs. 70.16

INFORMATION DETAILS

Report Prepared by :

MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		29

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.