MIRA INFORM REPORT

Report Date :

17.07.2013

IDENTIFICATION DETAILS

Name :	JABIL CIRCUIT INDIA PRIVATE LIMITED (w.e.f. 27.08.2007)
Formerly Known As :	PCB CONTRACT MANUFACTURING SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.08.2012
Year of Establishment:	27.08.2008
Com. Reg. No.:	11-136997
Capital Investment / Paid-up Capital :	Rs.4002.661 Millions
CIN No.: [Company Identification No.]	U32109MH2002PTC136997
TAN No.: [Tax Deduction & Collection Account No.]	PNEJ04704A
PAN No.: [Permanent Account No.]	AACCP7114K
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Exporter of all type of Electric Products, etc.
No. of Employees :	3500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 20000000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Jubil (Mauritius) Holding Limited, Mauritius. It is a well established and reputed company having a satisfactory track record. The year under review is for 12 months starting from September 1, 2011 and ending as on August 31, 2012. The company has seen a better growth in its sales turnover as well as net sales during 2012. The Networth of the company appears to be strong. Liquidity position of the company seems to be good. The company has a strong legal, operational and strategic linkage with is holding company. Trade relations are fair. Business is active. Payments are reported as regular and as per commitment. In view of strong holding company and its experienced directors, the subject can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	Found based limits: AA+
Rating Explanation	High degree safety and low credit risk
Date	30 April 2013

Rating Agency Name	FITCH
Rating	Non fund based limits: A1+
Rating Explanation	Very strong degree of safety and low credit risk.
Date	30 April 2013

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 PARTED BY (GENERAL DETAILS)

Name :	Ms. Purvi Shah
Designation :	Finance Department
Contact No.:	91-22-66559701
Date :	16.07.2013

LOCATIONS

Registered Office :	17^th Floor, Nirmal Towers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-66425687/66559701/2/3/4 / 66370031/32/ 66425706
Fax No.:	91-22-66559705
E-Mail :	Purvi_shah@jabil.com prafulla_joshi@jabil.com manishi.pathak@kochhar.com puneet.arora@kochhar.com delhi@kochhar.com suhas_badmanji@jabil.com sanjay_ajmera@jabil.com
Website :	www.jabil.com
Location :	Owned
Head Office :	5^thand 17^th Floor, World Trade Centre І, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
E-Mail :	d_sanyal@jabi.com
Factory :	B-26, MIDC, Ranjangaon, Taluka Sirur, District Pune – 412 220, Maharashtra, India
Tel. No.:	91-2138-562025/662109
Fax No.:	91-2138-560759/660759
Area :	(Land) 79786 Sq. fts
World H.Q.:	10560, 9^th Street North, St. Peters Burg, Florida 337106, USA
Tel. No.:	7275779749

DIRECTORS

As on 28.02.2013

Name :	Mr. Forbes Ian James Alexander
Designation :	Director
Address :	1604, Country Trails Drive, Safety Harbor, FL 34695, U.S.A.
Date of Appointment :	Appointed as Additional Director on January 31, 2003. Confirmed as Director in the AGM of February 25, 2004.
DIN No.:	00195042
Name :	Mr. Meheryar Kakhushard Dastoor
Designation :	Director
Address :	1918, Lago Vista Boulevard, Parlm Harbor Florida-346885, US
Date of Birth/Age :	20.10.1965
Date of Appointment :	Appointed as Additional Director on September 28, 2006. Confirmed in the AGM of May 31, 2007.
DIN No.:	00614734
Name :	Mrs. Manishi Virendra Pathak
Designation :	Alternate Director (Alternate to Mr. Forbes Ian James Alexdander)
Address :	C-27, Rashmi Apartments, Harsh Vihar, Pitampura, New Delhi – 110 034, India
Date of Birth/Age :	23.02.1969
Date of Appointment :	01.03.2004
DIN No.:	00074992
Name :	Mr. Anoop Kumar Mehrotra
Designation :	Director
Address :	10-B, Tower D, Viceroy Park, Thakur Village, Kandivali (East), Mumbai - 400 101, Maharashtra, India
Qualification:	BSC, FCA
Date of Appointment :	Appointed as Additional Director on October 10,2 008. Confirmed as a Director on February 28, 2009.
DIN No.:	02353302
Name :	Mr. John Peter Lovato
Designation :	Director
Address :	AV Bois Du Dimanche 21 A, Bruxelles, Belgium 1150
Date of Appointment :	Appointed as Additional Director on January 2, 2009. Confirmed as a Director on February 28, 2009.
DIN No.:	02400960
Name :	Mr. Otto Johannnes Theodorus Maria Bik (Dutch)
Designation :	Director
Address :	Tweeriten 30, 5673 TV Nuenen, The Netherlands 5673TV
Date of Appointment :	Appointed as Additional Director on January 2, 2009. Confirmed as a Director on February 28, 2009.
DIN No.:	02373775
Name :	Mr. Sergio Alonso Cadavid
Designation :	Director
Address :	14749, Waterchase Boulevard, Tampa, Florida, USA.- 33626
Date of Appointment :	Appointed as Additional Director on December 12, 2006. Confirmed as a Director on February 10, 2007.
DIN No.:	01052401
Name :	Mr. S Purushottuman K Swaminathan
Designation :	Additional Director
Address :	2701, Eldora Apartments, B Wing, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Date of Appointment :	Appointed as Additional Director on June 18, 2009. Confirmed as a Director on February 27, 2010.
DIN No.:	02648014

KEY EXECUTIVES

Name :	Ms. Hansa Vaidya
Designation :	Company Secretary
Address :	507/B Ashoka Apartments, Mahatma Phule Road, Mumund (East), Mumbai- 400 081, Maharashtra, India
Date of Appointment :	07.01.2008
PAN No.:	ADTPV7733M
Name :	Ms. Purvi Shah
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.02.2013

Names of Shareholders (Equity Shares)	No. of Shares
Jabil (Mauritius) Holdings Limited, Mauritius	334264181
Jabil Circuit Limited, Scotland	1931
Total	334266112

Names of Shareholders (Preference Shares)	No. of Shares
Jabil (Mauritius) Holdings Limited, Mauritius	66000000
Total	66000000

Equity Share Break up (Percentage of Total Equity)

As on 28.02.2013

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of all type of Electric Products, etc.

Products :

Product Description	Item Code No. (ITC Code)
Set Top Box	85287100

Exports :

Products :

Consumer Electronics etc.

Countries :

v USA

v Hong Kong

v Malaysia

v UK

Imports :

Products :

v Raw Materials

Countries :

v UAE

v UK

v China

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (AS ON 31.08.2011)

Particulars	Unit	Installed Capacity
ICs (DTA)	Nos.	11343
ICs (EHTP)	Nos.	3320206

Particulars	Unit	Actual Production
ICs (DTA)	Nos.	4540
ICs (EHTP)	Nos.	2489704

*Installed capacity is as certified by the management and has not been verified by the auditor as this is a technical matter.

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	3500 (Approximately)
Bankers :	Citi Bank , D.N. Road, Fort, Mumbai - 400 001, Maharashtra, India HSBC Bank BNP Bank Mizuho Bank

Banking Relations :	--
Auditors :
Name 1 :	BSR and Company Chartered Accountants
Address :	448 Senapati Bapat Marg, Lower Parel, Mumbai – 400 013, Maharashtra, India
Tel. No.:	91-22-30440800
Fax No.:	91-22-30440900
PAN No.:	AAAFB9852F
Name 2 :	S.V. Ghatalia and Associates
Address :	C-401, 4th Floor, Panchshil Tech Park, Yerwada (Near Don Boscoschool) Pune-411 006, Maharashtra, India
PAN No.:	AACFS6921Q
Holding Company:	· Jabil (Mauritius) Holdings Limited, Mauritius
Ultimate Holding Company:	· Jabil Circuit Inc., USA
Fellow subsidiaries:	· Jabil Circuit Inc. - Corporate · Jabil Circuit Inc. - US-St. Petersburg, FL (Florida) · Jabil Circuit SDN BHD (Malaysia-Penang) · Jabil Circuit Inc. - US-Auburn Hills, MI (Michigan) · Jabil Circuit (Guangzhou) Limited - (China Huangpu) · Jabil Circuit Technology India Private Limited · Jabil Circuit Inc. - US-San Jose, CA (California) · Jabil Circuit (Singapore) Pte. Limited fka(CMS Singapore) · Jabil Circuit Hungary Limited (Tiszaujavaros) · Celetronix India Private Limited, India (CIPL-Mumbai) CIN: U30007MH1998PTC113090 · Jabil Circuit Italia, S.r.l. (Marcianise/Caserta) · Jabil Circuit (Wuxi) Limited, China · GreenPoint (Suzhou) Technology Company Limited - GPS · Taiwan Green Point Enterprises Company Limited (TGP) · Jabil Circuit Austria GmbH (Vienna) · Jabil Circuit Ukraine Limited (Ukraine-Uzhgorod) · Jabil Circuit Belgium N.V. - (Hasselt) · Jabil Global Services - St. Petersburg, FL · Jabil Circuit of Texas, LP (India Pune HUB) · Jabil Sdn Bhd. (Malaysia - Penang IT) · Jabil Circuit Belgium N.V. - (Hasselt) France · Jabil Circuit Hong Kong Limited- (HongKong) · Jabil Circuit Inc. - US-Billerica, MS (Massachusetts) · Jabil Circuit Inc. - Mexico-(Guadalajara) · Jabil Luxembourg Mfg Sarl - (Guadalajara) · Jabil do Brasil Industria Electroelectronica ( Belo) · Jabil Hungary LP Services LLC · Jabil Circuit (Beijing) Limited · Jabil Global Services (Shanghai) · Jabil Circuit Austria GmbH (Vienna) · Jabil do Brasil Industria Electroelectronica (Manaus) · Jabil Circuit Inc. - Aerospace Services LLC-(MILSAP) · Jabil Global Services Szombathely (Hungary) · Jabil Circuit Hungary Limited. (Szombathely) · Jabil Circuit Inc. - Mexico-(Chihuahua) · Jabil Cirucit China Limited · Jabil Circuit Inc. - Tempe, AZ (Tempe) · Jabil Circuit (Singapore) Pte. Limited - IMAC · Jabil Vietnam Company Limited · Jabil Circuit Limited (Scotland-Livingston and Ayr) · Jabil Circuit (Shanghai) Company Limited · Jabil Circuit Hungary Gyarto · Jabil Circuit Inc. - (JTS) · Telmar Network Technology India Private Limited, Gurgaon · Jabil Circuit Inc. - US-Auburn Hills, MI (Michigan) · Jabil Global Services India Private Limited, India CIN: U64200HR2008PTC038078

CAPITAL STRUCTURE

As on 28.02.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
434050000	Equity Shares	Rs.10/- each	Rs.4340.500 millions
66000000	Redeemable Preference Shares	Rs.10/- each	Rs.660.000 millions
	Total		Rs.5000.500 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
334266112	Equity Shares	Rs.10/- each	Rs.3342.661 millions
66000000	Redeemable Preference Shares	Rs.10/- each	Rs.660.000 millions
	Total		Rs.4002.661 millions

As on 31.08.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
434000000	Equity Shares	Rs.10/- each	Rs.4340.000 millions
66000000	Redeemable Preference Shares	Rs.10/- each	Rs.660.000 millions
	Total		Rs.5000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
334266112	Equity Shares	Rs.10/- each	Rs.3342.661 millions
66000000	Redeemable Preference Shares	Rs.10/- each	Rs.660.000 millions
	Total		Rs.4002.661 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.08.2012	31.08.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4002.661	4002.661
(b) Reserves & Surplus	873.864	-494.308
(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)	4876.525	3508.353
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.00
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	22.526	25.867
Total Non-current Liabilities (3)	22.526	25.867
(4) Current Liabilities
(a) Short term borrowings	408.654	580.500
(b) Trade payables	4188.316	4263.781
(c) Other current liabilities	101.475	239.457
(d) Short-term provisions	151.836	113.362
Total Current Liabilities (4)	4850.281	5197.100
TOTAL	9749.332	8731.320
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1833.878	2009.045
(ii) Intangible Assets	2.556	4.538
(iii) Capital work-in-progress	20.912	16.601
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	76.656	0.000
(d) Long-term Loan and Advances	353.095	438.837
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2287.097	2469.021
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1846.189	2079.970
(c) Trade receivables	3737.410	2969.112
(d) Cash and cash equivalents	1851.353	875.459
(e) Short-term loans and advances	27.236	337.730
(f) Other current assets	0.047	0.028
Total Current Assets	7462.235	6262.299
TOTAL	9749.332	8731.320

SOURCES OF FUNDS		31.08.2010
SHAREHOLDERS FUNDS
1] Share Capital		4002.661
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(1433.072)
NETWORTH		2569.589
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		814.000
TOTAL BORROWING		814.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		3383.589
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		2212.255
Capital work-in-progress (Including Capital Advances)		9.408
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2234.358
	Sundry Debtors	2860.610
	Cash & Bank Balances	37.332
	Other Current Assets	0.000
	Loans & Advances	415.890
Total Current Assets		5548.190
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4219.040
	Other Current Liabilities	4.039
	Provisions	163.185
Total Current Liabilities		4386.264
Net Current Assets		1161.926
MISCELLANEOUS EXPENSES		0.000
TOTAL		3383.589

PROFIT & LOSS ACCOUNT

PARTICULARS		31.08.2012	31.08.2011	31.08.2010
Net Sales		20486.974	14901.204	17679.918
Expenditure including Depreciation and Financial Charges		18611.526	14076.645	16584.405
Profit / (Loss) before Taxation		1941.516	938.764	1095.464
Depreciation and amortization		427.886	403.197	438.451
Interest on term loans		0.000	0.000	17.717
Other interest		25.925	39.260	61.276
Profit/(Loss) after Taxation		1368.172	938.764	1095.464
Profit/(Loss) carried to Balance Sheet		873.864	(494.308)	1433.072
EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	NA	14.848	16.926
	Support and Traveling Costs Recovered	NA	0.055	0.031
	Total	NA	14.903	16.957
IMPORTS
	Capital Goods	NA	0.308	0.071
	Stores & Spares	NA	0.059	0.015
	Raw Materials	NA	10.319	13.912
	Total	NA	10.686	13.998
Earnings/ (Loss) Per Share (Rs.)		0.34	2.35	2.74

KEY RATIOS

PARTICULARS		31.08.2012	31.08.2011	31.08.2010
Net Profit Margin (PBT/Sales)	(%)	9.48	6.30	6.20
Return on Total Assets (PBT/Total Assets}	(%)	20.12	10.77	19.74
Return on Investment (ROI) (PBT/Networth)		0.40	0.27	0.43
Debt Equity Ratio (Total Debt /Networth)		0.08	0.17	0.32
Current Ratio (Current Asset/Current Liability)		1.54	1.20	1.26

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT DETAILS: NOT AVAILABLE

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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	Yes

UNSECURED LOAN

PARTICULARS	31.08.2012 (Rs. in Millions)	31.08.2011 (Rs. in Millions)
Short-term borrowings
Other loans and advance, others	408.654	580.500
Total	408.654	580.500

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Factory equipments

· Furniture and fixtures

· Vehicles

· Motor vehicles

· Office equipment

· Computer equipments

Intangible assets

· Goodwill

· Computer 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 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.60.05
UK Pound	1	Rs.90.71
Euro	1	Rs.78.47

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		52

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.