MIRA INFORM REPORT

Report Date :

10.02.2014

IDENTIFICATION DETAILS

Name :	INDIA METEROLOGICAL DEPARTMENT
Registered Office :	Mausam Bhawan, Lodhi Road, New Delhi – 110003
Country :	India
Year of Establishment :	1875
Capital Investment / Paid-up Capital :	Not Divulged
Legal Form :	Government of India Department
Line of Business :	Providing Weather Services on Web.
No. of Employees :	Information denied by management

RATING & COMMENTS

MIRA’s Rating :

A

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an Indian Government Department. It is a well-established and reputed department having fine track record. It is engaged into providing weather related services. Trade relation are fair. Business is active. Payment terms are regular and as per commitment. In view of government department, subject can be considered normal for business dealing 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 – December 1, 2013

Country Name	Previous Rating (30.09.2013)	Current Rating (01.12.2013)
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

The services sector, the largest contributor to India’s GDP, contracted for the sixth consecutive month in December, as orders dipped. However, hiring has risen.  Direct tax collections rose 12.3 % during the April – December period of the current financial year.  The government has decided to retain 100 per cent foreign direct investment in both greenfield (new) and brown field (existing) pharmaceutical companies, despite concerns over genetic drugs going out of production, if multi-national companies take over domestic ones. In M&A deals, a non compete clause would not be allowed, except in special circumstances. The Department of Industrial Policy and Promotion plans to release the next edition of its consolidated foreign direct investment policy document on March 31, incorporating changes made in the past year. DIPP compiles all policies related to India’s FDI regime into a single document to make it easy for investors to understand. 185 million estimated number of mobile internet users in India by June 2014, according to a report by the Internet & Mobile Association of India and IMRB International.  India had 110 million mobile internet users with 25 million in rural areas. $3.77 tn estimated global IT spending in 2014, according to research firm Gartner Inc. The growth forecast for this year is cut to 3.1 %from the earlier estimate of 3.5 %. The spending growth forecast for telecom services – a segment that accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per cent is the main reason for this overall IT cut. A Reserve Bank of India committee has recommended setting up a special category of lenders who would cater to small businesses and households, to expand the number of customers with access to banking services. These banks would focus onproviding payment services and deposit products.  Indian banks want the free use of automated teller machines to be capped at five transactions in a month including that of the bank in which the account is active. This follows state government order to banks to install security guards at ATM booths after a woman banker was assaulted in Bangalore. The government is likely to present a vote on Account in mid-February. The annual Economic Survey will be tabled later in Parliament along with the full Budget. A full Budget for 2014/15 is likely to be present in July by the new government formed after the General Election. The government will soon launch an internet spy system, called Netra, to detect malafide messages. Security agency will deploy the system to capture dubious voice traffic on applications such as Skype and Google Talk, as well as tweeters.

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-Cooperative (Tel No.: 91-11-24690279)

LOCATIONS

Registered Office :	Mausam Bhawan, Lodhi Road, New Delhi – 110003, India
Tel. No.:	91-11-24690279
Fax No.:	Not Available
Website :	www.mausam.gov.in

OFFICERS

Name :	Dr. L. S. Rathore
Designation :	DGM
Name :	Mr. J. P. Sharma
Designation :	PS to DGM
Name :	Mr. J. M. Sharma
Designation :	PA to DGM
Name :	Mr. S. C. Bhan
Designation :	Scientist F
Name :	Dr. K.K. Singh
Designation :	Scientist F and Head (Agromet)
Name :	Dr. L. R. Meena
Designation :	Sc ‘F’ and DDGM (ISSD)
Name :	Ms. Asha Arora
Designation :	PS to DDGM (ISSD)
Name :	Ms. Sunita Kannaujia
Designation :	P.A. to DDGM (O)
Name :	Mr. Rajiv Sharma
Designation :	DDGM (A and S)
Name :	Ms. Mamta Negi
Designation :	PA to DDGM(A and S)
Name :	Mr. A. K. Sharma, DDGM
Designation :	DDGM (Sat. Met.)
Name :	Mr. D. Mukhopadhayay
Designation :	DDGM(DM)
Name :	Ms. Bhuian
Designation :	PA to DDGM(DM)
Name :	Ms. Hema Joshi
Designation :	PA to DDGM(S
Name :	Mr. B. K. Bandyopadhayay
Designation :	DDGM(S)
Name :	Dr. S.K. Roy Bhowmik,
Designation :	Sc. F, NWP
Name :	Ms. Bhuian
Designation :	PA to DDGM(DM)
Name :	Mr. R.S.Dattatrayan
Designation :	IRCR, DDGM(Seismo)
Name :	Ms. Mona Bajaj Nair
Designation :	IRCR, PA to DDGM(Sei)
Name :	Mr. Shailender Sharma
Designation :	PA to DDGM (RMC ND)
Name :	Mr. S. Talukdar
Designation :	PA to ADGM(H& Radar)
Name :	Mr. P.K. Jain
Designation :	DDGM (UI)
Name :	Mr. J.P.Sharma
Designation :	P.A.to DDGM(H)
Name :	Mr. S. K. Sharma
Designation :	DDGM(UI), A/c. Sec.
Name :	Mr. M. I. Ansari
Designation :	DDGUM(UI), UAL
Name :	Mr. Gajendra Kumar, Met I
Designation :	DDGM(UI),UAL
Name :	Mr. S.K.Murmu
Designation :	DDGM(UI), UAL
Name :	Mr. Peters
Designation :	DDGM(UI)
Name :	Ms. J.S. Bawa
Designation :	P.A. to DDGM (Sat. Met.)
Name :	Mr. S. Sundra Rajan
Designation :	DDGM(UI) Stores
Name :	Dr. Hari Singh
Designation :	DDGM(UI) Purchase
Name :	Mr. Binod Kumar
Designation :	C.A.
Name :	Ms. Manjula Lal
Designation :	P.A.to C.A.
Name :	Ms. Usha Kiran
Designation :	P.A. to F.O.
Name :	Mr. S.B. Jaiswar
Designation :	DDGM/(P)/Sc- F/Project Dir MFI
Name :	Mr. M. Rehman
Designation :	PA to Scientits F
Name :	Mr. N.K. Pangasa
Designation :	Scientits F, ISSD
Name :	Mr. M.K. Bhatnagar
Designation :	Scientits F, CAMD
Name :	Dr. S. K. Pashin
Designation :	Scientits F, EMRC
Name :	Dr. Ranjeet Kumar
Designation :	Scientits F
Name :	Dr. S.L. Singh
Designation :	Scientits E RTH
Name :	Mr. V.K.Gupta
Designation :	Telecom. Training Centre, Sc. E

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	No
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	No
12]	Profitability for last three years	No
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
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	No
24]	Banking facility details	No
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	No
28]	Incorporation details, if applicable	No
29]	Last accounts filed at ROC	No
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

IMD'S MANDATE

· To take meteorological observations and to provide current and forecast meteorological information for optimum operation of weather-sensitive activities like agriculture, irrigation, shipping, aviation, offshore oil explorations, etc.

· To warn against severe weather phenomena like tropical cyclones, norwesters, duststorms, heavy rains and snow, cold and heat waves, etc., which cause destruction of life and property.

· To provide meteorological statistics required for agriculture, water resource management, industries, oil exploration and other nation-building activities.

· To conduct and promote research in meteorology and allied disciplines.

· To detect and locate earthquakes and to evaluate seismicity in different parts of the country for development projects.

HISTORY OF METEOROLOGY IN INDIA

Ancient Beginnings:  

The beginnings of meteorology in India can be traced to ancient times. Early philosophical writings of the 3000 B.C. era, such as the Upanishadas, contain serious discussion about the processes of cloud formation and rain and the seasonal cycles caused by the movement of earth round the sun. Varahamihira's classical work, the Brihatsamhita, written around 500 A.D., provides a clear evidence that a deep knowledge of atmospheric processes existed even in those times. It was understood that rains come from the sun (Adityat Jayate Vrishti) and that good rainfall in the rainy season was the key to bountiful agriculture and food for the people. Kautilya's Arthashastra contains of scientific measurements of rainfall and its application to the country's revenue and relief work. Kalidasa in his epic, 'Meghdoot', written around the seventh century, even mentions the date of onset of the monsoon over central India and traces the path of the monsoon clouds.

ESTABLISHMENT

A disastrous tropical cyclone struck Calcutta in 1864 and this was followed by failures of the monsoon rains in 1866 and 1871. In the year 1875, the Government of India established the India Meteorological Department, bringing all meteorological work in the country under a central authority. Mr. H. F. Blanford was appointed Meteorological Reporter to the Government of India.

The first Director General of Observatories was Sir John Eliot who was appointed in May 1889 at Calcutta headquarters. The headquarters of IMD were later shifted to Simla, then to Poona (now Pune) and finally to New Delhi.

THE WORK OF THE PIONEERS

Meteorology, as they perceive it now, may be said to have had its firm scientific foundation in the 17th century after the invention of the thermometer and the barometer and the formulation of laws governing the behaviour of atmospheric gases. It was in 1636 that Halley, a British scientist, published his treatise on the Indian summer monsoon, which he attributed to a seasonal reversal of winds due to the differential heating of the Asian land mass and the Indian Ocean.

Very early in the history of Subject, the importance of the publication of scientific results had been recognised. Blanford introduced the publication of the "Memoirs of the IMD" and himself authored several of them. His work on the rainfall of India is unsurpassable in clarity of thought and content. In view of the importance of foreshadowing monsoon seasonal rainfall for the agricultural economy of the country, Blanford initiated the system of Long Range Forecasting (LRF). The system of LRF of monsoon rains went through several evolutionary phases and eminent pioneers like Sir J. Eliot and Sir Gilbert Walker (Both Directors-General of Observatories) and generations of Indian researchers have made their contributions to this scientific effort.

To Sir Gilbert Walker also goes the credit of linking the monsoon with global meteorological situations and his discovery of the so-called Southern Oscillation phenomenon. Swings of the Southern Oscillation were later linked by J. Bjerknes with the EI Nino in the equatorial Pacific Ocean and Bjerknes also coined the term "Walker circulation" for describing the east west vertical circulation in the equatorial plane in honour of Walker.

Blanford had recognized the need for inducting young Indians in IMD and the first two Indians Lala Ruchi Ram Sahni (Father of Professor Birbal Sahni) and Lala Hemraj joined IMD in 1884 and 1886 respectively. The Indianisation of IMD was accelerated under Walker, soon after World War I, and further boosted by Sir C.W.B. Normand (Director-General during 1928 to 1944). Normand was succeeded by Dr. S.K. Banerji as the first Indian DGO in 1944. During these years, many Indian scientists joined IMD and they took IMD to greater heights themselves in the post-independence era.

PROGRESS

Meteorology, as they perceive it now, may be said to have had its firm scientific foundation in the 17th century after the invention of the thermometer and the barometer and the formulation of laws governing the behaviour of atmospheric gases. It was in 1636 that Halley, a British scientist, published his treatise on the Indian summer monsoon, which he attributed to a seasonal reversal of winds due to the differential heating of the Asian land mass and the Indian Ocean.

From a modest beginning in 1875, Subject has progressively expanded its infrastructure for meteorological observations, communications, forecasting and weather services and it has achieved a parallel scientific growth. Subject has always used contemporary technology. In the telegraph age, it made extensive use of weather telegrams for collecting observational data and sending warnings. Later Subject became the first organisation in India to have a message switching computer for supporting its global data exchange. One of the first few electronic computers introduced in the country was provided to Subject for scientific applications in meteorology. India was the first developing country in the world to have its own geostationary satellite, INSAT, for continuous weather monitoring of this part of the globe and particularly for cyclone warning.

Subject has continuously ventured into new areas of application and service, and steadily built upon its infra-structure in its history of 125 years. It has simultaneously nurtured the growth of meteorology and atmospheric science in India. Today, meteorology in India is poised at the threshold of an exciting future.

SURFACE INSTRUMENTATION

Surface Observatories as far as possible are located one in each district so as to meet the requirements of agricultural, transport and other operations. Of the 559 observatories, about 67.5% are manned by staff of State Governments/ Schools etc. on payment of an allowance by the Department. The instruments and stores are provided by the Department.

INSTRUMENTATION

India belongs to that select group of countries who manufacture their own upper air and surface instruments. This is done by the meteorological department through in-house production facilities.

The office of the Dy. Diretor General of Meteorology (Upper Air Instrument), New Delhi, consisting of Hydrogen Factory at Agra and Laboratories and Workshop at New Delhi, is responsible for co-ordination of all technical aspects related in the field of upper air instrumentation.

The office of the Dy. Director General of Meteorology (Surface Instruments), Pune, consisting of Laboratories and Workshop at Pune, is responsible for the surface instrumentation.

AVIATION

Subject provides a crucial service to the national and international civil aviation sector in fulfillment of the requirements prescribed by the International Civil Aviation Organisation (ICAO) and the Director General of Civil Aviation of India (DGCA).

These services are provided through 17 Aerodrome Meteorological Offices (AMO) and 51 Aeronautical Meteorological Stations (AMS) located at various national and international airports of the country. These offices provide forecasts of winds and temperature required for flight planning, prognostic weather charts, forecasts for aerodrome weather for landings and take-offs, and other significant weather information for aviation operations.

Aerodrome Meteorological Offices functioning at Mumbai , Kolkata , Delhi and Chennai airports also serve as Meteorological Watch Offices (MWOs) catering to flights in respective Flight Information Regions (FIR). One Tropical Cyclone Advisory Centre (TCAC) is also functioning at New Delhi. TCAC, New Delhi provides advisory information on tropical cyclones to the Meteorological Watch Offices in India and neighbouring countries.

World Area Forecast System (WAFS) products are being utilised for briefing all the international flights. It is a worldwide system by which World Area Forecast Centers (WAFC) provide aeronautical meteorological en-route forecasts in uniform standard formats.

On-line Briefing System (OLBS) of IMD is also functioning at the international airports at Chennai, Kolkata, Mumbai and New Delhi, through which the registered users can directly download the forecast products as desired.

ORGANISATION

The Director General of Meteorology is the Head of the India Meteorological Department, with headquarters at New Delhi. There are 4 Additional Directors General at New Delhi and 1 at Pune. There are 20 Deputy Directors General of whom 10 are at New Delhi.

For the convenience of administrative and technical control, there are 6 Regional Meteorological Centres, each under a Deputy Director General with headquarters at Mumbai, Chennai, New Delhi, Calcutta, Nagpur and Guwahati. Under the administrative control of Deputy Director General, there are different types of operational units such as Meteorological Centres at state capitals, Forecasting Offices, Agrometeorological Advisory Service Centres, Flood Meteorological Offices, Area Cyclone Warning Centres and Cyclone Warning Centres. 

In addition, there are separate Divisions to deal with specialised subjects. They are: -

· Agricultural Meteorology

· Civil Aviation

· Climatology

· Hydrometeorology

· Instrumentation

· Meteorological Telecommunication

· Regional Specialised Meteorological Centre

· Positional Astronomy

· Satellite Meteorology

· Seismology

· Training

·

At present IMD is under the Ministry of Earth Sciences (MoES).

PRESS RELEASE

Dated 26 December 2013

Progress in Weather and Climate Prediction the Earth System Science Organization (ESSO), Ministry of Earth Sciences is responsible to provide the nation with best possible services in forecasting the monsoons and other weather/climate parameters and ocean state through well integrated programmes. At the ESSO/MoES, weather and climate prediction activities are managed by different ESSO institutions like India Meteorological Department (IMD), National Centre for Medium Range Weather Forecasting (NCMRWF), Indian Institute of Tropical Meteorology (IITM), Indian National Centre for Ocean Information System (INCOIS) and the National Centre for Ocean Technology (NIOT). In general, during the last five years, the skill of weather and climate forecasts in India has improved. The improvement is noted especially in general public weather forecasts, monsoon forecasts, heavy rainfall warnings and tropical cyclone warnings and alerts. The recent success in predicting the Tropical Cyclone Phailin is the best example for the improvement in prediction capability during the recent years. In the context of successful prediction of the Tropical Cyclone Phailin, the following facts may be noted:

1. The prediction made by the ESSO-IMD regarding intensity of the cyclone Phailin was proved more accurate than those by the foreign agencies and the latter revised the intensity estimates to the same level as predicted by the ESSO-IMD on the morning of 12 October 2013.

2. Most of the observational capabilities for prediction of cyclone and intensity thereof were established as part of the modernization programme during the last 5 years. The Phase II of the modernization is currently in progress for further enhancing the observation capability.

3. Currently, ESSO-MoES has developed a capability of multi-tiered prediction strategy broadly under three levels. The first is probabilistic advisories on global ensemble prediction system (5-7 days in advance). The second tier relates to Weather Research and Forecast (WRF) Model used for daily real time prediction of al India weather at 9 km resolution. The third tier is a special model for cyclone forecasting, namely the Hurricane Weather Research and Forecast (HWRF) which is an atmosphere-ocean coupled model adopted from USA for cyclone prediction over the north Indian Ocean.

4. Government has approved an augmented computational throughput capability from the present computational capability of 1.2 petaflops- that could enable improvement of the resolution of 12 km or less, which is better from the resolution of 25 km at present.

5. There has been steady improvement in our prediction for cyclone track forecast error, intensity as well as error for margin in landfall during 2008-2012. For instance, up to 72 hour forecast was introduced in 2009 and up to 120 hours from 2013, whereas prior to 2009, forecast was limited to 24 hours. Similarly, the skill improvement for 72, 48 and 24 hours for track prediction is 50%, 40% and 35% respectively in the last 5 years.

In particular, the achievements made during the last five years in terms of improvement of skill in weather and climate forecasts are attributed to the following reasons:

a. Improving observational systems of both atmosphere and oceans. The atmospheric observational systems had been improved by the modernization programme, Phase-1 implemented by the ESSO-IMD. Under this programme, the state-of-the-art observing systems (Automatic Weather Stations, Automatic raingauges, GPS radiosonde stations, Doppler radar, Pilot Balloon stations) were installed and commissioned throughout the country with their networking and integration. Simultaneously, ocean observations over the north Indian Ocean also has improved. The ESSO-INCOIS and ESSO-NIOT had installed many ocean buoys and ARGO floats for better ocean observations. Satellite observations are very useful especially over data sparse regions like oceans and mountains. ESSO-NCMRWF and ESSO-IMD have been using satellite data from many satellites including Indian satellites for data assimilation in weather prediction models. These new observations were useful for better initializing the numerical weather prediction models and thus improving the skill of weather forecasts.

b. Research on Modelling: Focused research activities were carried out at the ESSO-NCMRWF on weather prediction model development and data assimilation methods. With this effort, the ESSO institutions are capable of making use of the state-of-the-art weather prediction models with improved data assimilation methods. Model developmental and data assimilation activities were carried out also at the ESSO-IMD.

c. Satellite Data Assimilation: Data from the Indian satellites, Kalpana, INSAT-3D, Oceansat and Megha-Tropiques were used for data assimilation in weather prediction models. In addition, data from US and Europe satellites were used for data assimilation. Both satellite radiance and satellite derived products were assimilated into the models. The satellite data thus assimilated into the models amounted about 20 GB. The satellite data includes radiance, surface meteorological parameters and vertical profiles of temperature, humidity, and winds.

d. High Performance Computing (HPC) system: The availability of HPC facilitated the ESSO institutions using high resolution weather and climate models on operational basis as well as to do research and developmental work. At present, the capability of computing resources at ESSO institutions has improved to 1.2 peta flops, which is the best in the country.

e. Capacity Building: Training of operational and research personnel of the ESSO institutions on various modelling and data assimilation skills has really helped to improve the capability of weather and climate predictions in the country. Some of the staff was trained abroad in countries like USA, UK and Australia under the bilateral programmes.

f. Effective communication of forecasts: The communication of forecasts to the stake holders on time and in proper language is very important in the effective use of weather and climate forecasts and minimising the loss and damages due to severe weather. ESSO-IMD has established an effective mechanism for dissemination of weather and climate forecasts to different stake holders using different communication channels like internet (web sites and e mails), newspapers and Television, radio, mobiles and hot line telephone connections with the relevant control rooms and the concerned government officials. Therefore, the improvement of prediction skill over the years is due to integrated activities related to observations, process studies, modelling, capacity building and forecasting.

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.62.32
UK Pound	1	Rs.101.78
Euro	1	Rs.84.68

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	VNT

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.