MIRA INFORM REPORT

Report Date :

09.12.2014

IDENTIFICATION DETAILS

Name :	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED (w.e.f. 03.04.2014)
Formerly Known As :	MICRO CLINIC INDIA PRIVATE LIMITED
Registered Office :	E-44 /2, Okhla Industrial Area, Phase-II, New Delhi – 110020
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	22.11.1993
Com. Reg. No.:	55-056168
Capital Investment / Paid-up Capital :	Rs. 4.716 Millions
CIN No.: [Company Identification No.]	U74899DL1993PTC056168
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Trading of IT Product.
No. of Employees :	Information declined by the management

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 290000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Financial positon 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 conditions.

NOTES :

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

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: BBB+
Rating Explanation	Have moderate degree of safety and moderate credit risk.
Date	30.09.2014

Rating Agency Name	CRISIL
Rating	Short term rating: A2
Rating Explanation	Have strong degree of safety and low credit risk.
Date	30.09.2014

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 31-03-2014.

INFORMATION DECLINED BY

MANAGEMENT NON – COOPERATIVE (91-11-49250700)

LOCATIONS

Registered Office :	E-44 /2, Okhla Industrial Area, Phase-II, New Delhi – 110020, India
Tel. No.:	91-11-4925 0700
Mobile No.:	91- 8800399214 (Mr. Rajeev Garg)
Fax No.:	91-11-4925 0731
E-Mail :	tarun@microclinic.in

DIRECTORS

As on 17.07.2014

Name :

Mr. Tarun Seth

Designation :

Managing director

Address :

H No. 149, Phase – I, Jasola Vihar, New Delhi – 110025, India

Date of Birth/Age :

11.07.1960

Date of Appointment :

22.11.1993

DIN No.:

00279795

PAN No.:

AATPS2410H

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	U74899DL1993PTC056168	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED	Managing director	01-04-14	22-11-93	-	Active	NO
2	U74900DL2009PTC187396	RT TECH SECURITY SYSTEMS PRIVATE LIMITED	Director	09-02-09	09-02-09	-	Active	NO
3	U72900DL2010PTC207892	PCV INFOTECH PRIVATE LIMITED	Director	06-09-10	06-09-10	-	Active	NO
4	U72900DL2012PTC239972	SABURI TLC WORLDWIDE SERVICES PRIVATE LIMITED	Director	08-08-12	08-08-12	01-09-14	Active	NO
5	U74899DL1997PTC089577	HITACHI SYSTEMS MICRO CLINIC SOFTWARE PRIVATE LIMITED	Director	30-09-13	01-01-13	-	Active	NO

Name :

Mr. Amita Seth

Designation :

Nominee director

Address :

H No. 149, Phase – I, Jasola Vihar, New Delhi – 110025, India

Date of Birth/Age :

13.07.1965

Date of Appointment :

19.03.2014

DIN No.:

01122306

PAN No.:

AATPS3989F

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	U74899DL1997PTC089577	HITACHI SYSTEMS MICRO CLINIC SOFTWARE PRIVATE LIMITED	Director	11-09-97	11-09-97	-	Active	NO
2	U74899DL1993PTC056168	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO
3	U74900DL2009PTC187396	RT TECH SECURITY SYSTEMS PRIVATE LIMITED	Director	30-09-14	21-07-14	-	Active	NO

Name :

Mr. Hideo Tsuru

Designation :

Nominee director

Address :

H No. 149, Phase – I, Jasola Vihar, New Delhi – 110025, India

Date of Birth/Age :

23.08.1959

Date of Appointment :

19.03.2014

DIN No.:

06835859

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	U74899DL1993PTC056168	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO
2	U74899DL1997PTC089577	HITACHI SYSTEMS MICRO CLINIC SOFTWARE PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO

Name :

Mr. Tadahiko Watanabe

Designation :

Nominee director

Address :

529-1, Akiba- Cho Totsua – Ku Yokohama Shi – 2450052

Date of Birth/Age :

08.03.1966

Date of Appointment :

19.03.2014

DIN No.:

06835861

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	U74899DL1993PTC056168	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO
2	U74899DL1997PTC089577	HITACHI SYSTEMS MICRO CLINIC SOFTWARE PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO

Name :

Mr. Yoshinori Okami

Designation :

Nominee director

Address :

161-15, Shimbori Odawara, Shi Kanagawa Shi – 2500871

Date of Birth/Age :

11.08.1957

Date of Appointment :

19.03.2014

DIN No.:

06835866

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	U74899DL1993PTC056168	HITACHI SYSTEMS MICRO CLINIC PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO
2	U74899DL1997PTC089577	HITACHI SYSTEMS MICRO CLINIC SOFTWARE PRIVATE LIMITED	Nominee director	19-03-14	19-03-14	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.07.2014

Names of Shareholders	No. of Shares	%age holding
Tarun Seth	113175	24.00
Cumulus Systems Private Limited, India	358388	76.00
Total	471563	100.00

Equity Share Break up (Percentage of Total Equity)

As on 17.07.2014

Category	Percentage
Bodies corporate	76.00
Directors or relatives of Directors	24.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trading of IT Product.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Andhra Bank, R - 3, Green Park, New Delhi - 110016, Delhi, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	7.816	13.755
Rupee term loans from others	9.162	15.373
Short-term borrowings
Rupee term loans from banks	5.852	6.832
Rupee term loans from others	8.165	9.232
Working capital loans from banks	49.019	54.158
Other loans and advances	0.000	12.024
Total	80.014	111.374

Banking Relations :
Auditors :
Name :	R R C A and Associates Chartered Accountants
Address :	505A, 5Th Floor, Rectangle-1, District Center, Saket
PAN N Income-tax PAN of auditor or auditor's firm :	AAKFR6727K
Memberships :	Not Available
Collaborators :	Not Available
Holding Company:	Cumulus Systems Private Limited, India [U72200TN2006PTC061341] Hitachi Limited
Ultimate Holding Company:	Hitachi Systems Limited Cumulus Systems INC.
Subsidiary Companies:	Hitachi Systems Micro Clinic Software Private Limited, India [U74899DL1997PTC089577] ( Formerly Known as Micro Clinic Software India Private Limited)
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives:	Tresor Systems Private Limited, India [U52100DL2013PTC255162] RT Tech Security Systems Private Limited, India [U74900DL2009PTC187396] Saburi TLC Worldwide Services Private Limited, India [U72900DL2012PTC239972] PCV Infotech Private Limited, India [U72900DL2010PTC207892]

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
1250000	Equity Shares	Rs.10/- each	Rs. 12.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
471563	Equity Shares	Rs.10/- each	Rs. 4.716 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	4.716	4.716	4.716
(b) Reserves & Surplus	97.645	108.650	96.941
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	102.361	113.366	101.657
(3) Non-Current Liabilities
(a) long-term borrowings	16.978	29.128	22.654
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.178	0.079	0.000
(d) long-term provisions	28.868	33.280	26.453
Total Non-current Liabilities (3)	46.024	62.487	49.107
(4) Current Liabilities
(a) Short term borrowings	63.036	82.246	68.642
(b) Trade payables	208.361	69.434	79.816
(c) Other current liabilities	80.376	26.777	19.035
(d) Short-term provisions	6.008	0.000	0.080
Total Current Liabilities (4)	357.781	178.457	167.573
TOTAL	506.166	354.310	318.337
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	54.610	55.410	47.220
(ii) Intangible Assets	1.912	0.230	0.272
(iii) Capital work-in-progress	0.000	0.000	12.626
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.006	0.000	2.143
(c) Deferred tax assets (net)	1.061	1.900	0.781
(d) Long-term Loan and Advances	46.386	50.400	34.842
(e) Other Non-current assets	8.246	8.240	39.116
Total Non-Current Assets	131.221	116.180	137.000
(2) Current assets
(a) Current investments	0.000	0.000	0.293
(b) Inventories	46.405	34.454	33.297
(c) Trade receivables	284.845	168.349	121.088
(d) Cash and cash equivalents	8.820	9.880	4.681
(e) Short-term loans and advances	12.132	15.880	12.992
(f) Other current assets	22.743	9.567	8.986
Total Current Assets	374.945	238.130	181.337
TOTAL	506.166	354.310	318.337

PROFIT & LOSS ACCOUNT

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
SALES
Income	1075.410	722.450	1136.093
Other Income	2.100	0.690	1.317
TOTAL	1077.510	723.140	1137.410
EXPENSES	1070.659	720.727	1114.032
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	6.851	24.130	23.378
DEPRECIATION/ AMORTISATION	8.040	8.850	5.295
INCOME AFTER DEPRECIATION	60.470	15.280	18.083
EXCEPTIONAL ITEM	0.000	0.230	1.567
PROFIT BEFORE EXTRAORDINARY ITEM AND TAX	60.470	15.510	19.650
EXTRAORDINARY ITEM	0.000	0.640	0.000
PROFIT/ (LOSS) BEFORE TAX	60.470	16.150	19.650
CURRENT TAX	21.990	5.560	7.286
DEFERRED TAX LIABILITY/(ASSETS)	0.840	(1.120)	(0.147)
TAX FOR EARLIER YEARS	0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX	37.640	11.730	12.512
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	93.950	82.240	69.731
APPROPRIATIONS
Dividend paid during the year	41.590	0.000	0.000
Corporate Dividend Tax paid during the year	7.070	0.000	0.000
Transfer to Revenue Reserve	3.770	0.000	0.000
Balance Carried to the B/S	79.170	93.950	82.243
Earnings / (Loss) Per Share (Rs.)	7.98	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.50	1.62	1.10
Return on Total Assets (PBT/Total Assets}	(%)	12.44	4.58	6.49
Return on Investment (ROI) (PBT/Networth)		0.59	0.14	0.19
Debt Equity Ratio (Total Debt /Networth)		0.78	0.98	0.90
Current Ratio (Current Asset/Current Liability)		1.05	1.33	1.08

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	4.716	4.716	4.716
Reserves & Surplus	96.941	108.650	97.645
Net worth	101.657	113.366	102.361
long-term borrowings	22.654	29.128	16.978
Short term borrowings	68.642	82.246	63.036
Total borrowings	91.296	111.374	80.014
Debt/Equity ratio	0.898	0.982	0.782

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1136.093	722.450	1075.410
		(36.409)	48.856

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	1136.093	722.450	1075.410
Profit	12.512	11.730	37.640
	1.10%	1.62%	3.50%

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	--
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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10362423	22/05/2014 *	160,000,000.00	ANDHRA BANK	R - 3,, GREEN PARK,, NEW DELHI, DELHI - 110016, INDIA	C06207203
2	90051764	21/01/2010 *	100,000,000.00	ANDHRA BANK	R - 3, GREEN PARK,, NEW DELHI, DELHI - 110016, INDIA	A78506516

* Date of charge modification

FIXED ASSETS

Tangible assets

• Buildings
• Furniture and fixtures
• Vehicles
• Office equipment
• Air Conditioner
• Office Equipments
• Computer and Accessories
• Bridges roads ports culverts

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.61.93
UK Pound	1	Rs.96.37
Euro	1	Rs.76.10

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	RAS
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	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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
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.