MIRA INFORM REPORT

Report Date :

06.06.2014

IDENTIFICATION DETAILS

Name :	RATEGAIN IT SOLUTIONS PRIVATE LIMITED (w.e.f. 23.02.2005)
Formerly Known As :	RIVNET COMMUNICATIONS PRIVATE LIMITED
Registered Office :	M-140, Greater Kailash, Part-2, New Delhi – 110 048
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	14.01.2004
Com. Reg. No.:	55-124081
Capital Investment / Paid-up Capital :	Rs.2.150 millions
CIN No.: [Company Identification No.]	U64202DL2004PTC124081
TAN No.: [Tax Deduction & Collection Account No.]	DELR09943D
PAN No.: [Permanent Account No.]	AADCR0360C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in providing web-based solutions to Online Travel Agents (OTAs), Airlines, Travel Companies and Hotels.
No. of Employees :	Not Available (We tried to confirm the number of employees but no one is ready to part any information from the company management)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 3192000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as 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 – 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

US investment bank Goldman Sachs  has upgraded its outlook on Indian markets as it expects positive impact of the election cycle.

India’s economy may grow 4.7 % in the current financial year, lower than the official estimate of 4.9 %, Fitch Rating said. The global rating agency expects the economy to pick up in the next two financial years.

Global ratings agency Standard & Poor said increasing focus by India Inc on lowering debt is likely to improve their credit profiles.

Singapore (1.1 million Indian tourists in 2012), Thailand (one million), the United Arab Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred holidays hotspots for Indians. The total figure is expected to increase to 1.93 million by 2017, according to the latest Eurmonitor international report.

There is a $29.34 bn outward foreign direct investment by domestic companies between April and January of 2013/14 which has seen some signs of recovery according to a Care Ratings report.

There are 264 number of new companies being set up every day on average during 2014. Most of them are registered in Mumbai. India had 1.38 million registered companies at the end of January, 2014.

Twitter like messaging service Weibo Corporation has filed to raise $ 500 million via a US initial public offering. Alibaba, which owns a stake in Weibo is expected to raise about $ 15 billion New York this year in the highest profile Internet IPO since Facebook’s in 2012.

Bharti Airtel has raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at a coupon rate of three per cent and maturing in 2020. This is the largest ever bond offering by an Indian company in Swiss Francs. Bharat Petroleum Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98 % coupon rate in February.

Indian Oil Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex at its almost complete Paradip refinery in Odhisha in three to four years. The company board is set to consider the setting up of a 700000 tonne per annum polypropylene plant at an estimated cost at Rs.3150 crore.

Global chief information officers at gathering in Bangalore in April to meet Indian startups at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in the making.

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 DECLINED BY

Name :	Mr. Sachin Verma
Designation :	Vice President – Finance
Contact No.:	91-120-4327531
Date :	05.06.2014

LOCATIONS

Registered Office :	M-140, Greater Kailash, Part-2, New Delhi – 110 048, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ghaffarassociates@gmail.com sachin.verma@rategain.com
Website :	www.rategain.com
Corporate Office :	B-15, Sector-57, Noida – 201 301, Uttar Pradesh, India
Tel. No.:	91-120-2587749/ 4327531

DIRECTORS

AS ON 30.09.2013

Name :

Mrs. Usha Chopra

Designation :

Director

Address :

M-140, Greater Kailash, Part-2, New Delhi – 110 048, India

Date of Birth/Age :

21.07.1952

Date of Appointment :

14.01.2004

DIN No.:

01246247

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	U27105DL1986PTC023061	USHA STRUCTURALS INDIA PRIVATE LIMITED	Director	13-01-1986	13-01-1986	-	Active	NO
2	U74899DL1990PTC041345	SARVESH CHOPRA BUILDERS PRIVATE LIMITED	Director	03-09-1990	03-09-1990	-	Active	NO
3	U74899DL1994PTC056756	QUTAB GREENARY PRIVATE LIMITED	Director	02-12-1999	02-12-1999	-	Active	NO
4	U64202DL2004PTC124081	RATEGAIN IT SOLUTIONS PRIVATE LIMITED	Director	14-01-2004	14-01-2004	-	Active	NO

Name :

Mr. Bhanu Chopra

Designation :

Director

Address :

M-140, Greater Kailash, Part-2, New Delhi – 110 048, India

Date of Birth/Age :

14.03.1976

Date of Appointment :

14.01.2004

DIN No.:

01037173

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	U64202DL2004PTC124081	RATEGAIN IT SOLUTIONS PRIVATE LIMITED	Director	14-01-2004	14-01-2004	-	Active	NO
2	U25202DL2005PTC137238	KUKU PACKAGINGS PRIVATE LIMITED	Director	21-11-2006	21-11-2006	27-12-2007	Active	NO
3	U72200DL2006PTC146556	NEHAL INFOCOM PRIVATE LIMITED	Director	20-07-2007	20-07-2007	26-07-2007	Active	NO
4	U45201DL2005PTC136770	ARMAANN CONTRACTS PRIVATE LIMITED	Director	01-04-2008	01-04-2008	27-11-2012	Active	NO
5	U72300DL2006PTC146005	RAMANEE TECHNOLOGIES PRIVATE LIMITED	Additional director	21-05-2008	21-05-2008	30-09-2008	Active	NO
6	U18101DL2011PTC220203	INDSPA FASHIONS PRIVATE LIMITED	Director	09-08-2011	09-08-2011	13-04-2013	Active	NO
7	U45201DL2012PTC244938	ROHAAN BUILDWELL PRIVATE LIMITED	Director	15-11-2012	15-11-2012	-	Active	NO
8	U45400DL2012PTC244966	RIDAAN REAL ESTATE PRIVATE LIMITED	Director	16-11-2012	16-11-2012	-	Active	NO

Name :

Mrs. Megha Chopra

Designation :

Additional Director

Address :

M-140, Greater Kailash, Part-2, New Delhi – 110 048, India

Date of Birth/Age :

17.01.1980

Date of Appointment :

04.02.2008

DIN No.:

02078421

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	U64202DL2004PTC124081	RATEGAIN IT SOLUTIONS PRIVATE LIMITED	Additional director	04-02-2008	04-02-2008	-	Active	NO
2	U45201DL2005PTC136770	ARMAANN CONTRACTS PRIVATE LIMITED	Director	01-04-2008	01-04-2008	27-11-2012	Active	NO
3	U18101DL2011PTC220203	INDSPA FASHIONS PRIVATE LIMITED	Director	09-08-2011	09-08-2011	13-04-2013	Active	NO
4	U45201DL2012PTC244938	ROHAAN BUILDWELL PRIVATE LIMITED	Director	15-11-2012	15-11-2012	-	Active	NO
5	U45400DL2012PTC244966	RIDAAN REAL ESTATE PRIVATE LIMITED	Director	16-11-2012	16-11-2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Sachin Verma
Designation :	Vice President – Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Usha Chopra	5000
Bhanu Chopra	167500
Megha Chopra	42500
Total	215000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Directors or relatives of directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in providing web-based solutions to Online Travel Agents (OTAs), Airlines, Travel Companies and Hotels.
Products/ Services :	Information Technology
Exports :
Countries :	Not Divulged
Imports :
Countries :	Not Divulged

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Not Available (We tried to confirm the number of employees but no one is ready to part any information from the company management)
Bankers :	Not Available
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	L-41, Cannaught Circus, New Delhi – 110 001, India
Tel. No.:	91-11-42787070
Fax No.:	91-11-42787071
E-Mail :	newdelhi@in.gt.com
PAN No.:	AAAFW4298E
Companies where significant influence is exercised by KMP’s :	Qutab Greenaty Private Limited Sarvesh Chopra Builders Private Limited Usha Structurals (India) Private Limited Indspa Fashions Private Limited RIV Consulting LLC RateGain Inc. RateGain Limited R & R Global Services Limited, UK Ridaan Real Estate Private Limited Rohaan Buildwell Private Limited Armaann Contracts Private Limited (upto August 2012)

CAPITAL STRUCTURE

AS ON 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
215000	Equity Shares	Rs.10/- each	Rs.2.150 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	2.150	2.150	2.150
(b) Reserves & Surplus	795.872	709.496	585.308
(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)	798.022	711.646	587.458
(3) Non-Current Liabilities
(a) Long-term borrowings	0.000	0.000	0.586
(b) Deferred tax liabilities (Net)	0.000	0.000	0.086
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	4.773	3.219	2.078
Total Non-current Liabilities (3)	4.773	3.219	2.750
(4) Current Liabilities
(a) Short term borrowings	0.700	0.700	0.000
(b) Trade payables	20.609	39.948	19.502
(c) Other current liabilities	72.989	35.121	3.901
(d) Short-term provisions	0.322	0.455	3.446
Total Current Liabilities (4)	94.620	76.224	26.849
TOTAL	897.415	791.089	617.057
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	47.627	27.732	29.448
(ii) Intangible Assets	2.450	1.978	1.507
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	112.639	147.063	97.041
(c) Deferred tax assets (net)	1.378	0.875	0.000
(d) Long-term Loan and Advances	358.667	156.019	148.956
(e) Other Non-current assets	0.110	91.925	129.400
Total Non-Current Assets	522.871	425.592	406.352
(2) Current assets
(a) Current investments	112.531	50.000	23.019
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	75.148	28.552	34.473
(d) Cash and cash equivalents	105.495	204.462	145.468
(e) Short-term loans and advances	78.158	79.418	5.179
(f) Other current assets	3.212	3.065	2.566
Total Current Assets	374.544	365.497	210.705
TOTAL	897.415	791.089	617.057

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	480.288	392.294	319.915
		Other Income
		TOTAL	480.288	392.294	319.915
Less	EXPENSES
		Office Expenses	345.340	242.282	133.105
		Administrative Expenses
		Advertising Expenses
		TOTAL	345.340	242.282	133.105
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		134.948	150.012	186.810
Less/ Add	DEPRECIATION/ AMORTISATION		9.938	6.704	6.106
	PROFIT / (LOSS) BEFORE TAX		125.010	143.308	180.704
	TAX		37.983	19.120	8.466
	PROFIT / (LOSS) AFTER TAX		86.376	124.188	172.238
	EARNINGS IN FOREIGN CURRENCY
	Income from export of services
		SEZ Unit	0.000	167.287	315.618
		Other	423.167	217.230
	TOTAL EARNINGS		423.167	384.517	315.618
	Earnings / (Loss) Per Share (Rs.)		401.40	577.62	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	17.98	31.66	53.84
Return on Total Assets (PBT/Total Assets}	(%)	15.96	22.28	34.75
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.31
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		3.96	4.80	7.85

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	2.150	2.150	2.150
Reserves & Surplus	585.308	709.496	795.872
Share Application money pending allotment	0.000	0.000	0.000
Net worth	587.458	711.646	798.022
Long-term borrowings	0.586	0.000	0.000
Short term borrowings	0.000	0.700	0.700
Total borrowings	0.586	0.700	0.700
Debt/Equity ratio	0.001	0.001	0.001

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	319.915	392.294	480.288
		22.624	22.431

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Total Income	319.915	392.294	480.288
Profit	172.238	124.188	86.376
	53.84%	31.66%	17.98%

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	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	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	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

Unsecured Loans	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
SHORT TERM BORROWINGS
Repayable on demand
- From directors	0.700	0.700
Total	0.700	0.700

Note:

No Charges Exist for Company.

FIXED ASSETS:

Tangible Assets

· Leasehold Land

· Furniture and Fixtures

· Buildings

· Office Equipments

· Computers

· Vehicles

Intangible Assets

· Computer Software and Licenses

WEBSITE DETAILS:

NEWS:

RATEGAINPARTNERS WITH REVENUE SCIENCE CORPORATION FOR RATE SHOPPING SOLUTION INTEGRATION

August 28, 2013

RateGain the global leader in hotel online distribution, rate shopping and channel management solutions has announced their partnership with Revenue Science Corporation (RSC).

RSC will utilize RateGain’s rate intelligence tool PriceGain, to power RSC’s PRIMES RMS with accurate and comprehensive data for its Hotels and resorts in the Asia Pacific region.

Revenue Managers are increasingly adopting the latest technology to assist with the challenges of optimizing yield and managing distribution across multiple channels. Accurate rate intelligence is a critical input to formulate a sound revenue strategy and PriceGain’s rate shopping data provides unsurpassed value. RSC will integrate the data with its revenue management tools to provide a complete solution for customers.

Vishal Jain, CPO, RateGain said, “We are very pleased that RSC has chosen to use PriceGain for its Rate Intelligence data requirement. History is no longer an indicator of the future. In a dynamic rate market having recommendations from your RMS based on only historical data is not sufficient. With this partnership hotels will be able to get much more value out of their investment into a revenue management system and have access to the best data available.”

RateGain has a well-established reputation for strong and fruitful collaboration with complementary technology providers, creating solutions which deliver measurable benefits to mutual customers.

About Revenue Science Corporation (RSC)

With a combined 60+ years in revenue management working with top hotel chains around Asia, RSC’s executive team has developed a world-class Revenue Management System and has formulated an industry-leading training program; the company’s training library is the most comprehensive suite of hospitality training courses in the industry. With Asian offices in Hong Kong and Bangkok, the RSC team is able to service clientele around the region.

RSC has partnered with Hong Kong Polytechnic University's School of Hotel and Tourism Management. PRIMES RMS is backed by research initiatives undertaken by the School and its team of professors and researchers. 

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.59.30
UK Pound	1	Rs.99.34
Euro	1	Rs.80.70

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	SMN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	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		44

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.