MIRA INFORM REPORT

Report Date :

17.06.2014

IDENTIFICATION DETAILS

Name :	BRUKER OPTIK GMBH
Branch Office :	G-001, Boston House, Ground Floor, Suren Road, CTS No. 260/261, Chakala, Andheri (East), Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation:	08.07.2008
Capital Investment / Paid-up Capital :	Nil
FCRN :	F03413
IEC No.:	0308071239
PAN No.: [Permanent Account No.]	AADCB5258P
Legal Form :	Foreign Registered Company
Line of Business :	Manufacturer, Supplier and Exporter of Spectrometers, Microscopes, Analyzers and Other Testing Equipment.
No. of Employees :	6 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a branch of a Foreign Registered Company having satisfactory track. General Rating position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. The company can be considered normal for business dealings at usual trade terms and conditions. Note: The rating is based on financial statement of parent company i.e. “Bruker Corporation”.

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 PARTED BY

Name :	Dr. Shreeram G. Oak
Designation :	National Manager
Contact No.:	91-9833996089
Date :	05.06.2014

LOCATIONS

Registered Office/ Factory :	Rudolf-Plank-Strabe 27, 76275 Ettlingen, Germany
Tel. No.:	+49 (0)7243 504-600/ +49 7243 504-2000
Fax No.:	+49 (0)7243 504-698/ +49 7243 504-2050
E-Mail :	info@brukeroptics.de
Website :	http://www.bruker.com
Location :	Owned
Mumbai Branch Office :	G-001, Boston House, Ground Floor, Suren Road, CTS No. 260/261, Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-61128800-8805
Mobile No.:	91-9833996089 [Dr. Shreeram G. Oak]
Fax No.:	91-22-67424021
E-Mail :	shreeram.oak@brukeroptics.de branchoffice.india@brukeroptics.de
Location :	Rented
Poland Branch Office :	Bruker Optics Poland Branch Office, Ul. Budziszynska 69, 60-179 Poznan, Poland
Tel No.:	+48618689008
Fax No.:	+48618689096
Location :	Rented
Overseas Offices :	Located at: · Bangladesh · China · Hong Kong · Indonesia · Japan · Malaysia · Pakistan · Singapore · South Korea · Sri Lanka · Taiwan · Thailand · Philippines · Vietnam

DIRECTORS

Name :	Mr. Arno Simon
Designation :	Managing Director
Address :	Wehlaur straße 5, 76139 Karlsruhe , Germany
Date of Birth/Age :	29.09.1950
Date of Appointment :	30.12.2002
Name :	Mr. Frank Muller
Designation :	Director
Address :	Pratoriusstraße 47, 76448 Durmersheim
Date of Birth/Age :	08.08.1969
Date of Appointment :	04.11.2004
Name :	Mr. Klaus-Dieter Schmalbein
Designation :	Director
Address :	Mahlbergstraße 13, 76359 Marxzell/Burbach , Germany
Date of Birth/Age :	22.10.1942
Date of Appointment :	18.01.2002

KEY EXECUTIVES

Name :	Dr. Shreeram G. Oak
Designation :	National Manager/ Branch in Charge
Address :	Plot No. 15, Green House Cooperative Housing Society, B-12, Amritvan Complex, A.K. Vaidhya Marg, Goregaon (East), Mumbai – 400063, Maharashtra, India
Date of Birth/Age :	25.03.1968
PAN No.:	AABPO2352G
Name :	Rolf Lang
Designation :	Chief Financial Officer
Name :	Mr. Urban Faeh
Designation :	Member
Address :	Waldbronn, Germany
Date of Birth/Age :	06.01.1964

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

NOT AVAILABLE

BUSINESS DETAILS

Line of Business :	Manufacturer, Supplier and Exporter of Spectrometers, Microscopes, Analyzers and Other Testing Equipment.
Agencies Held :	· Labindia Analytical Instruments Private Limited
Terms :
Selling :	L/C and Credit (30 days)
Purchasing :	Credit (30 days)

GENERAL INFORMATION

Customers :	End Users
No. of Employees :	6 (Approximately) (India)
Bankers :	· HDFC Bank Limited Ahura Centre, Mahakali Caves Road, Andheri (East), Mumbai – 400069, Maharashtra, India · Punjab National Bank · Deutsche Bank AG Kaiserstrabe 90, 76133, Karlsruhe, Germany

Banking Relations :	--
Auditors :
Name :	Kiran A. Deodhar and Associates Chartered Accountants
Address :	Flat No. 10, Vedvati CHS, Swami Nityanand Road, Andheri (East), Mumbai – 400069, Maharashtra, India
Tel. No.:	91-22-26826605/ 26826598
Fax No.:	91-22-26827308
E-Mail :	kiran@cakirandeodhar.com
Auditors :
Name :	Ernst and Young Gmbh Chartered Accountants
Address :	Mittlerer Pfad 15, 70499 Stuttgart, Germany
Tel No.:	0049-711-988-50
Fax No.:	0049-711-988-533
Email :	stuttgart@de.ey.com
Parent Company :	· Bruker Corporation
Sister Concern:	· Bruker AXS Address: Rheinbruckenstrabe 49, 76187 Karlsruhe, Germany Line of Business: Spectroscopy and Microscopy Instruments for the understanding of composition and structure in material science and life science samples. · Bruker Biospin Address: Silberstreifen 4 76287 Rheinstetten, Germany Line of Business: Life Science tools based on magnetic resonance and preclinical imaging technologies. · Bruker Daltonics Address: Fahrengeitctrabe 4, 28359 Bremen, Germany Line of Business: Life science mass spectrometry Instruments.

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital: Not Available

Issued, Subscribed & Paid-up Capital: Nil

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.000	0.000
(b) Reserves & Surplus	21.852	25.714
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	21.852	25.714
(3) Non-Current Liabilities
(a) long-term borrowings	2.009	2.241
(b) Deferred tax liabilities (Net)	0.049	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	2.058	2.241
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000
(b) Trade payables	4.563	0.450
(c) Other current liabilities	1.295	0.265
(d) Short-term provisions	2.251	0.000
Total Current Liabilities (4)	8.109	0.715
TOTAL	32.019	28.670
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.582	0.513
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4.894	3.455
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	8.476	3.968
(2) Current assets
(a) Current investments	0.130	0.000
(b) Inventories	8.267	10.440
(c) Trade receivables	2.250	1.253
(d) Cash and cash equivalents	12.766	12.885
(e) Short-term loans and advances	0.000	0.000
(f) Other current assets	0.130	0.124
Total Current Assets	23.543	24.702
TOTAL	32.019	28.670

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012
	SALES
		Income	3.708	11.126
		Other Income	42.438	62.371
		TOTAL (A)	46.146	73.497
Less	EXPENSES
		Purchases of Stock-in-Trade	2.894	4.819
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	2.173	0.114
		Employees benefits expense	15.602	11.490
		Other expenses	17.680	11.914
		TOTAL (B)	38.349	28.337
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7.797	45.160
Less	FINANCIAL EXPENSES (D)		0.002	0.001
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		7.795	45.159
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.350	0.155
	PROFIT BEFORE TAX (E-F) (G)		7.445	45.004
Less	TAX (H)		2.301	0.000
	PROFIT AFTER TAX (G-H) (I)		5.144	45.004
	Earnings Per Share (Rs.)		--	-

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012
PAT / Total Income	(%)	11.15	61.23
Net Profit Margin (PBT/Sales)	(%)	200.78	404.49
Return on Total Assets (PBT/Total Assets}	(%)	23.25	156.97
Return on Investment (ROI) (PBT/Networth)		0.34	1.75
Debt Equity Ratio (Total Debt/Networth)		0.09	0.09
Current Ratio (Current Asset/Current Liability)		2.90	34.55

------------------------------------------------------------------------------------------------------------------------------

BRUKER CORPORATION

CONSOLIDATED BALANCE SHEETS

(In millions, except share and per share data)

PARTICULARS	DECEMBER 31,
	2013	2012
ASSETS
Current Assets:
Cash and cash equivalents	$ 438.7	$ 310.6
Accounts receivable, net	307.6	289.3
Inventories	589.8	611.5
Deferred tax assets	9.7	5.8
Other current assets	86.1	92.5
Total current assets	1,431.9	1,309.7
Property, plant and equipment, net	299.5	283.6
Goodwill	127.4	115.9
Intangible assets, net	105.6	117.0
Long-term deferred tax assets	18.7	17.6
Other long-term assets	5.2	12.6
Total assets	$1,988.3	$1,856.4
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of long-term debt	$ 0.7	$ 1.3
Accounts payable	74.8	69.6
Customer advances	258.6	267.3
Deferred tax liabilities	16.7	6.9
Other current liabilities	297.8	336.7
Total current liabilities	648.6	681.8
Long-term debt	354.3	335.9
Long-term deferred revenue	33.7	34.9
Long-term deferred tax liabilities	22.6	12.1
Accrued pension	40.5	60.0
Other long-term liabilities	38.4	22.0
Commitments and contingencies
Shareholders’ equity:
Preferred stock, $0.01 par value 5,000,000 shares authorized, none issued or outstanding at December 31, 2013 and 2012	--	--
Common stock, $0.01 par value 260,000,000 shares authorized, 167,619,039 and 166,625,976 shares issued and 167,579,204 and 166,604,427 outstanding at December 31, 2013 and 2012, respectively	1.7	1.7
Treasury stock at cost, 39,835 and 21,549 shares at December 31, 2013 and 2012, respectively	(0.6)	(0.2)
Additional paid-in capital	63.5	48.3
Retained earnings	599.1	519.0
Accumulated other comprehensive income	182.4	137.8
Total shareholders’ equity attributable to Bruker Corporation	846.1	706.6
Non-controlling interest in consolidated subsidiaries	4.1	3.1
Total shareholders’ equity	850.2	709.7
Total liabilities and shareholders’ equity	$1,988.3	$1,856.4

BRUKER CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(In millions, except per share data)

Particulars	Year ended December 31,
	2013	2012	2011
Product revenue	$1,611.4	$1,556.5	$1,445.6
Service revenue	219.3	210.0	194.8
Other revenue	8.7	24.9	11.3
Total revenue	1839.4	1791.4	1651.7
Cost of product revenue	891.7	837.2	792.5
Cost of service revenue	142.5	124.8	106.7
Total cost of revenue	1034.2	962.0	899.2
Gross profit	805.2	829.4	752.5
Operating expenses:
Selling, general and administrative	437.9	440.4	406.6
Research and development	190.5	195.3	177.2
Impairment of assets	--	23.8	--
Write-off of deferred offering costs	--	--	3.4
Other charges, net	28.6	13.9	9.7
Total operating expenses	657.0	673.4	596.9
Operating income	148.2	156.0	155.6
Interest and other income (expense), net	(23.6)	(17.7)	(10.1)
Income before income taxes and noncontrolling interest in consolidated subsidiaries	124.6	138.3	145.5
Income tax provision	42.8	60.1	51.5
Consolidated net income	81.8	78.2	94.0
Net income attributable to noncontrolling interest in consolidated subsidiaries	1.7	0.7	1.7
Net income attributable to Bruker Corporation	$ 80.1	$ 77.5	$ 92.3
Net income per common share attributable to Bruker Corporation shareholders:
Basic	$ 0.48	$ 0.47	$ 0.56
Diluted	$ 0.48	$ 0.46	$ 0.55
Weighted average common shares outstanding:
Basic	166.5	166.0	165.4
Diluted	168.5	167.4	166.9
Consolidated net income	$ 81.8	$ 78.2	$ 94.0
Foreign currency translation adjustments	27.3	8.8	(14.7)
Changes in hedging instruments	--	1.1	1.9
Pension liability adjustments (net of tax of $4.6 million, $3.7 million and $0.6 million, respectively)	17.3	(15.0)	2.9
Net comprehensive income	126.4	73.1	84.1
Less: Comprehensive income attributable to non-controlling interests	1.7	0.3	1.7
Comprehensive income attributable to Bruker Corporation	$ 124.7	$ 72.8	$ 82.4

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	0.000	0.000
Reserves & Surplus	25.714	21.852
Net worth	25.714	21.852
long-term borrowings	2.241	2.009
Short term borrowings	0.000	0.000
Total borrowings	2.241	2.009
Debt/Equity ratio	0.087	0.092

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	11.126	3.708
		(66.673)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)
Sales	11.126	3.708
Profit	45.004	5.144
	404.49%	138.73%

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 two years	Yes
12]	Profitability for last two 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	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	No
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

UNSECURED LOANS

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Loans and advances from related parties
Broker Daltonis Bangalore	0.021	0.021
Broker Optik Germany	1.988	2.220
Total	2.009	2.241

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Dehumidifier

· Instrument N 2

· Projector

· Furniture and Fixture

· Microwave

· Mobile Instrument

· Refrigerator

· Computer

· Card Scanner

· Liquid Sampling Module

· Plant and Equipment

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 records 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.60.01
UK Pound	1	Rs.101.99
Euro	1	Rs.81.25

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.