MIRA INFORM REPORT

Report Date :

25.07.2014

IDENTIFICATION DETAILS

Name :	AT AND S INDIA PRIVATE LIMITED
Registered Office :	12/A, Industrial Area, Nanjangud, Mysore-571301, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	30.05.1988
Com. Reg. No.:	08-025863
Capital Investment / Paid-up Capital :	Rs.391.130 Millions
CIN No.: [Company Identification No.]	U85110KA1988PTC025863
TAN No.: [Tax Deduction & Collection Account No.]	BLRA05803A
PAN No.: [Permanent Account No.]	AAECA2930J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture and sale of printed circuit boards (PCBs).
No. of Employees :	1200 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (13)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears huge accumulated losses which has eroded networth of the company. Business is active. Payment terms are slow. The company can be considered for business dealing on a safe and secured 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

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

Name :	Mr. Brijesh Kumar
Designation :	Accounts Manager
Contact No.:	91-8221-304000
Date :	02.06.2014

LOCATIONS

Registered Office/ Factory :	12/A, Industrial Area, Nanjangud-571301, Karnataka, India
Tel. No.:	91-8221-304000
Fax No.:	91-8221-228570/8221/228572
E-Mail :	info@in.ats.net
Website :	http://www.ats.com
Sales Office :	Nanjan, 1015, Naurang House, 21, Kasturba Gandhi Marg, New Delhi-110001, India
Manufacturing facility :	Located at · Nanjangud · Mysore · Karnataka

DIRECTORS

As on 29.07.2013

Name :

Mr. Nagavenkata Krishna Mohan Kumar Manepalli

Designation :

Managing director

Address :

Schillerstrabe 37, A811 Judendorf, Strabengel, Germany

Date of Birth/Age :

18.02.1965

Date of Appointment :

28.06.2012

Din No.:

00082972

Name :

Mr. Gunter Hermann Weiss

Designation :

Managing director

Address :

TE1CH Sidng 9, 8792 Stpeter 8792, Austria

Date of Birth/Age :

26.03.1966

Date of Appointment :

01.02.2013

Din No.:

06515939

Name :

Mr. Heinz Moitzi

Designation :

Director

Address :

8740, Zeltweg, Austria

Date of Birth/Age :

05.07.1956

Date of Appointment :

03.11.2004

Din No.:

00323506

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	U85110KA1988PTC025863	AT AND S INDIA PRIVATE LIMITED	Director	03/11/2004	03/11/2004	-	Active	NO
2	U30007KA1997PTC022754	SIENNA ECAD TECHNOLOGIES PRIVATE LIMITED	Director	28/07/2005	28/07/2005	04/06/2009	Active	NO

Name :

Mr. Christian Fleck

Designation :

Additional director

Address :

Mercedessiedlungs, Niklasdorf, 8712, Austria

Date of Birth/Age :

14.03.1965

Date of Appointment :

29.07.2013

Din No.:

06558079

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	U85110KA1988PTC025863	AT AND S INDIA PRIVATE LIMITED	Director	29/07/2013	21/03/2013	-	Active	NO

Name :

Mr. Reinhard Killer

Designation :

Additional director

Address :

Kuhberg 30, A 3411, Hensberg 3411, Austria

Date of Birth/Age :

24.09.1970

Date of Appointment :

29.07.2013

Din No.:

06558093

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	U85110KA1988PTC025863	AT AND S INDIA PRIVATE LIMITED	Director	29/07/2013	21/03/2013	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Brijesh Kumar
Designation :	Accounts Manager
Name :	Mr. MNV Krishna Mohan Kumar
Designation :	Secretary
Address :	G03, Eltei Brigade Apartments, Princes Road, Yadavagiri Post, Mysore-570020, Karnataka, India
Date of Birth/Age :	26.05.1971
Date of Appointment :	01.01.2010
PAN No :	ACIPM2610G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.07.2013

Names of Shareholders	No. of Equity Shares	No. of Preferences Shares
Austria Technologie and Systmtechnik AG, Austria	14112499	2500000
MNV Krishna Mohan Kumar	1	--
TOTAL	14112500	2500000

Equity Share Break up (Percentage of Total Equity)

As on 29.07.2013

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	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacture and sale of printed circuit boards (PCBs).

Products :

Item Code No.	Product Description
85340000	Printed Circuit Boards

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash / Cheque / Credit

Purchasing :

Cash / Cheque / Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Printed Circuit Boards	Sq. Mts.	NA	304,064	274,696

NOTES:

(i) The Company is exempt from the licensing provisions of the Industries (Development Regulation) Act, 1951.

(ii) The Installed Capacity has been certified by the Company’s management and relied upon by the auditors, this being a technical matter.

(iii) Figures in brackets relate to previous year.

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	1200 (Approximately)
Bankers :	· Punjab National Bank, Devaraj URS Road, Mysore-570001, Karnataka, India · Deutsche Bank, Karnataka, India

Banking Relations :	--
Auditors :
Name :	Price Water House and Company Chartered Accountants
Address :	5^th Floor, Tower D, The Millenia, 1 and 2, Murphy Road, Ulsoor, Bangalore-560008, Karnataka, India
PAN N Income-tax PAN of auditor or auditor's firm :	AADFP9359C
Fellow subsidiaries:	· AT and S Asia Pacific Limited, Hong Kong (AT and S APAC) · AT and S China Company Limited, China (AT and S China) · AT and S Korea Company Limited, South Korea (AT and S Korea)
Holding company:	· AT and S Austria Technologie and Systemtechnik AG, Austria (AT and S Austria)

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions
2500000	1% Cumulative Redeemable 'Preference Shares	Rs.100/- each	Rs.250.000 Millions
	TOTAL		Rs.400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14112500	Equity Shares	Rs.10/- each	Rs.141.125 Millions
2500000	1% Cumulative Redeemable Preference	Rs.100/- each	Rs.250.000 Millions
	Total		Rs.391.125 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	391.130	391.130	383.630
(b) Reserves & Surplus	(760.880)	(555.270)	(297.880)
(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)	(369.750)	(164.140)	85.750
(3) Non-Current Liabilities
(a) long-term borrowings	1980.120	2029.850	1723.810
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	15.470	7.730	5.750
Total Non-current Liabilities (3)	1995.590	2037.580	1729.560
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	42.670
(b) Trade payables	480.300	462.120	568.260
(c) Other current liabilities	688.860	786.340	657.130
(d) Short-term provisions	12.560	14.680	23.370
Total Current Liabilities (4)	1181.720	1263.140	1291.430
TOTAL	2807.560	3136.580	3106.740
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1633.110	1863.190	1564.790
(ii) Intangible Assets	5.210	6.010	3.070
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	10.170	2.740	291.830
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	25.890	17.200	49.310
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1674.380	1889.140	1909.000
(2) Current assets
(a) Current investments	0.000	0.390	0.390
(b) Inventories	514.510	515.700	446.760
(c) Trade receivables	57.460	44.520	63.820
(d) Cash and cash equivalents	6.430	24.150	52.690
(e) Short-term loans and advances	550.480	662.680	144.710
(f) Other current assets	4.300	0.000	489.370
Total Current Assets	1133.180	1247.440	1197.740
TOTAL	2807.560	3136.580	3106.740

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL (A)	3225.000	3094.000	2506.000
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	NA	NA	NA
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(264.000)	(214.000)	(411.000)
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		NA	NA	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		NA	NA	NA
Less	TAX (H)		NA	NA	NA
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(206.000)	(634.000)	(698.000)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	NA	2628.560	1851.410
	IMPORTS
		Raw Materials	1334.260	1104.520	1132.017
		Stores & Spares	NA	545.690	176.656
		Capital Goods	NA	13.270	501.490
	TOTAL IMPORTS		NA	1663.480	1810.163
	Earnings / (Loss) Per Share (Rs.)		(12.40)	NA	NA

Particulars	31.03.2014
Sales Turnover (Approximately)	3900.000

The above information has been parted by Mr. Brijesh Kumar

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	(6.39)	(20.49)	(27.85)
Debt Equity Ratio (Total Debt /Networth)		(5.36)	(12.37)	20.60
Current Ratio (Current Asset/Current Liability)		0.96	0.99	0.93

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	383.630	391.130	391.130
Reserves & Surplus	(297.880)	(555.270)	(760.880)
Net worth	85.750	-164.140	-369.750
long-term borrowings	1723.810	2029.850	1980.120
Short term borrowings	42.670	0.000	0.000
Total borrowings	1766.480	2029.850	1980.120
Debt/Equity ratio	20.600	(12.367)	(5.355)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2506.000	3094.000	3225.000
		23.464	4.234

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	2506.000	3094.000	3225.000
Profit / (Loss)	(698.000)	(634.000)	(206.000)
	(27.85%)	(20.49%)	(6.39%)

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	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)	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	No

PERFORMANCE REVIEW

The revenue increased by 4.20% compared to the last year. The volume registered an increase of 3.73% from 325,298 Sq. Mts. of PCBs in 2011-12 to 337,425 Sq. Mts. in 2012-13. Profit before depreciation, interest and tax has increased to Rs. 264.000 Millions. The Company has registered a net loss (Profit after Tax) of Rs. 206.000 Millions as on 31st March, 2013.

OPERATIONS

During the year, the company produced 337,425 Sq. Mts of Printed Circuit Boards which is 3.73% more than 2011-12 production.

BUSINESS OUTLOOK

Lower Production Order resulting from general economic crisis at the beginning of the year was a cause of concern. However, various initiatives taken from plant and sales team haveresulted in increased loading situation in Q4.Many actions were implemented to reduce the cost. With the new local board of management, many initiatives have been taken to stabilize the production and reduce the maintenance cost. Based on the developments in the market, forecast and plan for next 3 years backed with strong customer base, increased revenue, and better cash flow, the company is confident of turn into profit.

GENERAL INFORMATION

Subject is part of the AT and S Group of Austria. The Company is engaged in the manufacture and sale of printed

circuit boards (PCBs) from its manufacturing facility located at Nanjangud, Mysore, Karnataka.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Long-term Borrowings
Other external commercial borrowings	1980.120	2029.850
Total	1980.120	2029.850

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10028489	20/02/2009 *	210,000,000.00	PUNJAB NATIONAL BANK	DEVARAJ URS ROAD, MYSORE, KARNATAKA - 570001, INDIA	A57076325

* Date of charge modification

FIXED ASSETS

Tangible assets

· Land

· Buildings

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

Intangible assets

· Computer software

· Goodwill

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.60.00
UK Pound	1	Rs.102.19
Euro	1	Rs.80.68

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUM
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILIRY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	1
--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		13

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.