MIRA INFORM REPORT

Report Date :

31.12.2013

IDENTIFICATION DETAILS

Name :	GE MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	122, (Part-I) Export Promotion Industrial Park, Whitfield, Bangalore – 560 066, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	16.06.2004
Com. Reg. No.:	08-034146
Capital Investment / Paid-up Capital :	Rs.146.500 Millions
CIN No.: [Company Identification No.]	U31909KA2004PTC034146
TAN No.: [Tax Deduction & Collection Account No.]	BLRG04618F
PAN No.: [Permanent Account No.]	AAACG7655G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Surgical and Diagnostic Medical Equipment, X-Ray Equipment, MR Tables and X-Ray Generators.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (48)

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

Maximum Credit Limit :	USD 9000000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Exist
Comments :	Subject is a subsidiary of ‘Wipro GE Healthcare Private Limited”. It is a well-established company having satisfactory track record. The management has failed to file its financial with government department for the year 2013. As per previous year’s of 2012, profitability of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are reported to be usually correct. The company can be considered for business dealings at usual trade terms and condition.

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, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

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.

INFORMATION DENIED

Management non Co-operative (91-80-40121000)

LOCATIONS

Registered Office :	122, (Part-I) Export Promotion Industrial Park, Whitfield, Bangalore – 560 066, Karnataka, India
Tel. No.:	91-80-28412500/ 40121000
Fax No.:	Not Available
E-Mail :	Poojia.radhakrishnan@ge.com
Website :	www.ge.com

DIRECTORS

AS ON 22.06.2012

Name :

Mr. Rajnish Krishnaratan Damani

Designation :

Director

Address :

A-501, Brigade Metro Polis, 73, Garudachar Palya, Mahadevapura, Bangalore - 560048, Karnataka, India

Date of Birth/Age :

29.04.1972

Date of Appointment :

16.08.2012

DIN No.:

03155312

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	U31909KA2004PTC034146	GE MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED	Director	15/09/2010	16/08/2010	Active	NO
2	U74999DL1999PTC206197	GE GLOBAL SOURCING INDIA PRIVATE LIMITED	Additional director	09/12/2013	09/12/2013	Active	NO

Name :

Mr. Munesh Makhija

Designation :

Director

Address :

No.415, Palm Meadows-11B, Narayanapura, Village, KR Puram, Hobli Ramagondahalli, Post, Bangalore - 560066, Karnataka, India

Date of Birth/Age :

25.01.1970

Date of Appointment :

22.12.2012

Date of Ceasing :

12.12.2012

DIN No.:

03409115

Name :

Mr. damodharan Vikram

Designation :

Additional Director

Address :

#211, 1 Sobha Sunflower, 173 Block B, Vibhuthipura, Basavanagar, Bangalore – 560 037, Karnataka, India

Date of Birth/Age :

18.09.1975

Date of Appointment :

12.12.2012

DIN No.:

06540020

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	U31909KA2004PTC034146	GE MEDICAL SYSTEMS (INDIA) PRIVATE LIMITED	Additional director	12/12/2012	12/12/2012	Active	NO

KEY EXECUTIVES

Name :	Poojia Radhakrishnan
Designation :	Secretary
Address :	B-506, Sterling Shelon, Kundalahalli, ITPL, Main Road, Whitefield, Bangalore - 560037, Karnataka, India
Date of Birth/Age :	07.07.1981
Date of Appointment :	17.04.2012
PAN No.:	AHEPR4243F

MAJOR SHAREHOLDERS

AS ON 22.06.2012

Names of Shareholders	No. of Shares
Wipro GE Healthcare Private Limited, India	14651533
Joydeep Nag	1
Total	14651534

Equity Share Break up (Percentage of Total Equity)

AS ON 22.06.2012

Category	Percentage
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Surgical and Diagnostic Medical Equipment, X-Ray Equipment, MR Tables and X-Ray Generators.

PRODUCTION STATUS

As on 31.03.2011

Particulars	Installed Capacity	Actual Production
X-ray equipments	NA	208
X-ray generators	NA	14093
MR-tables	NA	32325

Notes:

1. Company’s products are not covered under licence and are accordingly not disclosed.

2. *Installed capacity has not been disclosed by management, as the related information is not available.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

SECURED LOANS	31.03.2012 Rs. In Millions	31.03.2011 Rs. In Millions
Long Term Borrowings
Long-term maturities of finance lease obligations (Finance lease obligations are secured by hypothecation of vehicles and computers taken on lease)	89.600	54.200
Total	89.600	54.200

Banking Relations :	--
Auditors :
Name :	BSR and Company
Address :	Maruthi Info-tech Centre, 11-12/1, Inner Ring Road, Kormangala Bangalore - 560071, Karnataka, India
PAN No.:	AAAFB9852F
Ultimate Holding Company :	General Electric Company, USA
Holding Company :	Wipro GE Healthcare Private Limited CIN No.: U33111KA1990PTC016063
Related Parties :	· GE BE Private Limited · GE Healthcare Australia Pty Limited · GE Clinical Services Inc · GE Corp Comp Acctg Frgn L/B · GE Healthcare do Brasil Comercio e Servicos para Equipamentos · Medico-Hospitalares Ltda. · GE Hangwei Medical Systems Company Limited · GE Healthcare Bio-Sciences AB · GE Healthcare Japan Corporation · GE Healthcare Global Parts Company Inc · GE Healthcare IITS Inc · GE Healthcare Korea Limited · GE Healthcare Limited · GE Healthcare UK Limited · Amersham Biosciences AB · Datex-Ohmeda, Inc. · GE Hualun Medical Systems Company Limited · GE India Exports Private Limited · GE India Industrial Private Limited · GE India Technology Centre Private Limited · GE Medical Global Technology · GE Medical Systems Inc · GE Medical Systems (China) Company Limited · GE Medical Systems Hungary · GE Medical Systems Inc., Milwaukee · GE Medical Systems Information Technology Inc · GE Medical Systems Israel Limited · GE Medical Systems Monterrey Mexico, SA DE CV · GE Medical Systems S.A. · GE Medical Systems SCS · GE Money Financial Services Limited · GE OEC Medical Systems Inc · GE Pacific Pte Limited China · GE Philippines Inc · GE Medical Systems Hong Kong Limited · GE Yokogawa Medical System Limited · General Electric International Inc · GEMS Global Technology Company LLC · GEMS Israel Functional Imaging · GEMS Pet Systems AB · USA Instruments Inc

CAPITAL STRUCTURE

AS ON 22.06.2012

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
14651534	Equity Shares	Rs. 10/- each	Rs.146.515 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	146.500	180.100
(b) Reserves & Surplus	2256.700	2428.700
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2403.200	2608.800
(3) Non-Current Liabilities
(a) long-term borrowings	89.600	54.200
(b) Deferred tax liabilities (Net)	14.500	33.300
(c) Other long term liabilities	6.300	9.500
(d) long-term provisions	106.500	46.500
Total Non-current Liabilities (3)	216.900	143.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	876.200	526.800
(c) Other current liabilities	422.700	375.100
(d) Short-term provisions	64.300	81.300
Total Current Liabilities (4)	1363.200	983.200
TOTAL	3983.300	3735.500
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	971.900	891.600
(ii) Intangible Assets	42.500	43.200
(iii) Capital work-in-progress	67.000	28.800
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	739.300	777.500
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1820.700	1741.100
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	371.400	285.900
(c) Trade receivables	1167.900	736.500
(d) Cash and cash equivalents	226.300	342.000
(e) Short-term loans and advances	304.200	595.200
(f) Other current assets	92.800	34.800
Total Current Assets	2162.600	1994.400
TOTAL	3983.300	3735.500

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		180.131
2] Share Application Money		0.000
3] Reserves & Surplus		2090.650
4] (Accumulated Losses)		0.000
NETWORTH		2270.781
LOAN FUNDS
1] Secured Loans		97.206
2] Unsecured Loans		0.000
TOTAL BORROWING		97.206
DEFERRED TAX LIABILITIES		37.541
TOTAL		2405.528
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		807.278
Capital work-in-progress		89.264
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	235.178
	Sundry Debtors	522.455
	Cash & Bank Balances	16.264
	Other Current Assets	61.269
	Loans & Advances	1680.402
Total Current Assets		2515.568
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	570.503
	Other Current Liabilities	322.721
	Provisions	113.358
Total Current Liabilities		1006.582
Net Current Assets		1508.986
MISCELLANEOUS EXPENSES		0.000
TOTAL		2405.528

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	7252.700	6422.810	4981.380
Less	EXPENSES
		Office Expenses			4351.460
		Administrative Expenses
		Advertising Expenses
		TOTAL	6304.900	5721.000	4351.460
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		947.800	701.810
Less	FINANCIAL EXPENSES		17.200	13.300
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		930.600	688.510
Less	DEPRECIATION/ AMORTISATION		209.200	191.000
	PROFIT BEFORE TAX		721.400	497.510	629.920
Less	TAX		288.300	160.490	231.410
	PROFIT AFTER TAX		433.100	337.020	398.510
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	6578.200	3470.870	2592.004
		Service Income	0.000	2562.990	2046.205
	TOTAL EARNINGS		6578.200	6033.86	4638.209
	IMPORTS
		Raw Materials		1086.580	731.705
		Capital Goods		105.780	140.414
	TOTAL IMPORTS		NA	1192.36	872.119
	Earnings Per Share (Rs.)		29.56	18.71	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	5.97	5.25	8.00
Return on Total Assets (PBT/Total Assets}	(%)	22.71	16.98	18.96
Return on Investment (ROI) (PBT/Networth)		0.30	0.19	0.28
Debt Equity Ratio (Total Debt /Networth)		0.04	0.02	0.49
Current Ratio (Current Asset/Current Liability)		1.59	2.03	2.50

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	Yes
23]	Banking Details	No
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	No
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

LITIGATION DETAILS:

High Court of Karnataka

Query on Case Number

Select Bench

Principal Bench at Bangalore Dharwad Bench Gulbarga Bench

Select Case Type AC (Arbitration Case) CA (Company Application Matte) CCC (Civil Contempt Petition) CEA (Central Excise Appeal) CMP (Civil Misc Petition) COA (U/S 10(F) Of The Companie) COMPA (Company Appeal) COP (Company Petition) CP (Civil Petition) CP.KLRA (Cp On Karnataka Land Refo) CRA (Cross Appeals) CRC (Civil Referred Case) CRL.A (Criminal Appeal) CRL.CCC (Criminal Contempt Petitio) CRL.P (Criminal Petition) CRL.RC (Criminal Referred Case) CRL.RP (Criminal Revision Petitio) CROB (Cross Objection) CRP (Civil Revision Petition) CSTA (Customs Appeal) EP (Election Petition) EX.FA (Execution First Appeal) EX.SA (Execution Second Appeal) GTA (Gift Tax Appeal) HRRP (House Rent Rev. Petition) ITA (Income Tax Appeal) ITA.CROB (I.T Appeal Cross Objectio) ITRC (Income-Tax Referred Case) LRRP (Land Reforms Revision Pet) LTRP (Luxury Tax Revision Petn.) MFA (Miscl. First Appeal) MFA.CROB (Mfa Cross Obj) MISC.CRL (Miscellaneous Case For Cr) MISC.CVL (Miscellaneous Case For Ci) MISC.P (Misc Petition) MISC.W (Miscellaneous Case For Wr) MSA (Miscl Second Appeal) MSA.CROB (Msa Cross Obj) OLR (Official Liquidator Repor) OS (Original Suit) OSA (Original Side Appeal) OSA.CROB (Osa Cross Objection) PROB.CP (Probate Civil Petition) RFA (Regular First Appeal) RFA.CROB (Rfa Cross Obj) RP (Review Petition) RPFC (Rev.Pet Family Court) RSA (Regular Second Appeal) RSA.CROB (Rsa Cross Obj) SCLAP (Supreme Court Leave Appli) STA (Sales Tax Appeal) STRP (Sale Tax Revision Petitio) TAET (Tax Appeal On Entry Tax) TOS (Testamentory Original Sui) TRC (Tax Referred Cases) WA (Writ Appeal) WA.CROB (Wa Cross Objection) WP (Writ Petition) WPCP (Civil Pet In Writ Side ) WPHC (Habeas Corpus) WTA (Wealth Tax Appeal)

Case No.

Case Year.

2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985

High Court of Karnataka - Principal Bench at Bangalore

ITA 411/2012

CASE PENDING

Petitioner/Appnt. Name (Click)

Respondent/Defnt. Name

Petnr./Appnt. Advocate

Respnt./Defnt. Advocate

Date Filed

District

Stage	Last Posted for
Last Action Taken	Last Date of Action    Next hearing date
Latest Order:	SERVICE COMPLETED
Before Hon'ble Judge/s

Lower Court Details [Appeal from below case.]

Case No	Court name	Disposal Dt
ITA 767/2010	INCOME TAX APPELLATE TRIBUNAL BANGALORE

Details of the Daily Order (Click on date of order to get full order)
Sl.No.	Honble Judge	Date of Order
1	HONBLE DVSKJ & BSGJ	19/02/2013
2	HONBLE DBBJ & BMJ	26/08/2013

NOTE: No Charges Exist for Company.

PERFORMANCE REVIEW:

Income from sale of products for the year has increased from Rs.3716.600 millions (2010-2011) to Rs.3942.800 millions (2011-2012). Service Income has increased from Rs.2563.000 millions (2010-2011) to Rs.3079.200 millions (2011-2012). Profit before taxation has increased from Rs.497.500 millions to Rs.721.400 millions.

There has been an increase in Service Income due to growth in Engineering and R&D service.

Subject is continuing its force to drive volumes in India & neighboring countries. Subject has introduced new products in the matter as per its "In country for Country" strategy. Subject was able to maintain its profitability during the year.

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.62.00
UK Pound	1	Rs.102.17
Euro	1	Rs.85.19

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		48

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.