MIRA INFORM REPORT

Report Date :

18.11.2014

IDENTIFICATION DETAILS

Name :	CISCO SYSTEMS (INDIA) PRIVATE LIMITED
Registered Office :	No 11, Divyasree Chambers, B Wing, O Shaugnessy Road, Akkithimanahalli, Bangalore – 560027, Karnataka
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	29.12.1995
Com. Reg. No.:	08-019505
Capital Investment / Paid-up Capital :	Rs. 343.301 Millions
CIN No.: [Company Identification No.]	U31909KA1995PTC019505
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	BLRC01451C
PAN No.: [Permanent Account No.]	AABCC0258Q
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Information Technology Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (69)

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

Maximum Credit Limit :	USD 55155000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is an established company having good track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to financials are not available from any source. As per financial of 2013, fundamentals of the company is decent. Financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms are reported to be regular and as per commitment. The company 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 – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

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

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

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

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

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

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

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

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

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED

MANAGEMENT NON CO-OPERATIVE (91-11-42611000)

LOCATIONS

Registered Office :	No 11, Divyasree Chambers, B Wing, O Shaugnessy Road, Akkithimanahalli, Bangalore – 560027, Karnataka, India
Tel. No. :	91-80-41593000
Fax No. :	Not Available
E-Mail :	prathap.nagaraj@bgl.kochhar.com
Website :	http://www.cisco.com
Sales Office :	Located at: v Bangalore v Chennai v Colombo v Mumbai v Gurgaon v Kolkata v Pune v Hyderabad
Research and Development Office :	Locate At: v Bangalore

DIRECTORS

As on 30.09.2014

Name :

Mark Thomas Gorman

Designation :

Director

Address :

60 Rausch St, San Francisco, California, 94103, United States Of America

Date of Birth/Age :

04.01.1961

Date of Appointment :

28.12.2007

DIN No. :

01281745

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	U31909KA1995PTC019505	CISCO SYSTEMS (INDIA) PRIVATE LIMITED	Director	28/12/07	30/06/07	-	Active	NO
2	U72200KA2011FTC056691	Cisco Commerce India Private Limited	Director	19/01/11	19/01/11	-	Active	NO
3	U72200PN1991PTC062059	STARENT NETWORKS (INDIA) PRIVATE LIMITED	Director	16/03/12	30/12/11	-	Active	NO
4	U72300KA2007PTC044669	Tandberg Technology (India) Private Limited	Director	25/03/13	06/03/13	-	Active	NO

Name :

Evan Barry Sloves

Designation :

Director

Address :

621, 29th Avenue, San Mateo, CA, 94403, United States Of America

Date of Birth/Age :

10.06.1970

Date of Appointment :

28.12.2007

DIN No. :

01882600

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	U31909KA1995PTC019505	CISCO SYSTEMS (INDIA) PRIVATE LIMITED	Director	28/12/07	07/07/07	-	Active	NO
2	U72200KA2007PTC043451	CISCO DEVELOPMENT INDIA PRIVATE LIMITED	Director	06/10/09	18/12/07	-	Active	NO
3	U72200KA2011FTC056691	Cisco Commerce India Private Limited	Director	19/01/11	19/01/11	-	Active	NO
4	U72200PN1991PTC062059	STARENT NETWORKS (INDIA) PRIVATE LIMITED	Director	16/03/12	30/12/11	-	Active	NO
5	U72300KA2007PTC044669	Tandberg Technology (India) Private Limited	Director	25/03/13	06/03/13	-	Active	NO

Name :

Mr. Dinesh Ramkrishin Malkani

Designation :

Managing Director

Address :

Villa B8 Epsilon, Yemlur Village Main Road, Off, Old Airport Road, Bangalore - 560037, Karnataka, India

Date of Birth/Age :

14.10.1970

Date of Appointment :

07.08.2013

DIN No. :

06621722

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	U72200KA2011FTC056691	Cisco Commerce India Private Limited	Managing director	07/08/13	07/08/13	-	Active	NO
2	U31909KA1995PTC019505	CISCO SYSTEMS (INDIA) PRIVATE LIMITED	Managing director	07/08/13	07/08/13	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Anita Nair
Designation :	Secretary
Address :	1-D 703 Akme Harmony Apartment, Sarjapur Outer Ring Road, Bangalore - 560103, Karnataka, India
Date of Birth/Age :	07.12.1974
Date of Appointment :	12.11.2008
PAN No.:	AJJPK5222A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders (Equity Shareholders)	No. of Shares
Cisco Systems Manageemnt B.V.	992877
CSI Mauritius INC	312837

Names of Shareholders (Preference Shareholders)	No. of Shares
Cisco Systems Management B.V	33000000
Total	33000000

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Information Technology Services.
Products :	Not Divulged
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS - NOT AVAILABLE

GENERAL INFORMATION

Suppliers :	Not Divulged
Customers :	Not Divulged
No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	Lovelock and Lewes Chartered Accountants
Address :	5Th Floor Tower-DThe Millenia 1 and 2 Murphy Road, Ulsoor, Bangalore, Karnataka, India
PAN No. :	AABFL5878L
Memberships :	--
Collaborators :	--
Ultimate holding company :	v Cisco Systems Inc., USA (CSI)
Holding company :	v Cisco Systems Management BV, The Netherlands (CSMBV)
Fellow subsidiaries :	v Navini Networks Technologies Private Limited (NNTPL) v Starent Networks, Corporation v Starent Networks India Private Limited v Starent Networks India Sales and Services Private Limited v Cisco Commerce India Private Limited (CCIPL) v New Scale Software Private Limited v Cisco Systems Australia Pty Limited, Australia (CSAPL) v Cisco Systems Canada Limited (CSCA) v Cisco Systems (Thailand) Limited, Thailand v Cisco Development India Private Limited (CDIPL) v Cisco Systems Services BV, The Netherlands v Cisco Systems Services BV, India Branch v Cisco Systems (Nigeria) Limited v Cisco Systems France SARL, France (CSFS) v Cisco Systems South Africa Private Limited, South Africa v Cisco Systems (Spain) S.L. v Cisco Systems Czech Republic S.R.O. v Saudi Arabia Branch of CSI BV v Cisco System Taiwan Limited, Taiwan v Cisco Systems (Korea) Limited v Cisco Systems Japan KK, Japan (CSJK) v Cisco Systems (USA) Pte Limited, Singapore (CSPLS) v Cisco Systems (Malaysia) Sdn, Bhd, Malaysia (CSM) v Cisco Systems Limited, United Kingdom (CSLUK) v Cisco Systems Belgium SPRL, Belgium (CSBS) v CS International SARL (Switzerland) v Cisco Systems De Mexico, S.A. De C.V, Mexico (CSME) v Cisco Systems (HK) Limited, Hong Kong (CSLHK) v Cisco Technology Inc, USA (CTI) v Cisco Systems Denmark A/S v Dubai rep Office of CSI BV v PT Cisco Systems Indonesia v Cisco Systems Norway AS v Philippines branch of CS Management BV, Philippines v Cisco Systems International BV, Netherland v Cisco Photonics Italy S.R.L , Italy (CPIS) v Cisco Systems Management BV, Srilanka Representative office v Airespace Wireless Networks Private Limited v Topspin Communications (India) Private Limited, India (TCTIPL)
Parties under common control with whom transactions have taken place during the year :	v Cisco System Capital (India) Private Limited, India (CSCPL) v IronPort LLC v Cisco International Limited Singapore Branch v Cisco System-Linksys (Asia) Pte Limited v Cisco Consumer Products, LLC (Linksys LLC) v Greenfield Networks Technologies Private Limited, India (GNTPL) v Tandberg Technology India Private Limited v Tandberg India Private Limited v Webex Technologies India Private Limited, India

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2500000	Equity Shares	Rs.10/- each	Rs.25.000 Millions
49000000	Preference Shares	Rs.10/- each	Rs.490.000 Millions
	Total		Rs.515.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1330104	Equity Shares	Rs.10/- each	Rs.13.301 Millions
33000000	Preference Shares	Rs.10/- each	Rs.330.000 Millions
	Total		Rs. 343.301 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	343.300	343.300	343.060
(b) Reserves & Surplus	18961.180	15860.190	13081.950
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.240
Total Shareholders’ Funds (1) + (2)	19304.480	16203.490	13425.250
(3) Non-Current Liabilities
(a) long-term borrowings	460.710	277.840	198.480
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	7239.700	5526.980	4584.010
(d) long-term provisions	1112.690	803.410	549.150
Total Non-current Liabilities (3)	8813.100	6608.230	5331.640
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1659.120	7779.970	6116.060
(c) Other current liabilities	1958.490	1217.730	1382.190
(d) Short-term provisions	586.110	543.140	236.680
Total Current Liabilities (4)	4203.720	9540.840	7734.930
TOTAL	32321.300	32352.560	26491.820
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10136.610	7935.270	6095.040
(ii) Intangible Assets	29.340	26.240	12.440
(iii) Capital work-in-progress	644.230	1994.620	317.740
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	4482.510	3068.790	1942.810
(d) Long-term Loan and Advances	3973.100	3012.470	3130.230
(e) Other Non-current assets	0.000	1.990	1.980
Total Non-Current Assets	19265.790	16039.380	11500.240
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	11577.340	9705.370	14096.270
(d) Cash and cash equivalents	791.200	5634.490	500.210
(e) Short-term loans and advances	607.900	904.350	245.790
(f) Other current assets	79.070	68.970	149.310
Total Current Assets	13055.510	16313.180	14991.580
TOTAL	32321.300	32352.560	26491.820

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income
		Other Income
		TOTAL	39030.260	32183.500	26513.560
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	29831.120	23558.090	19997.500
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		9199.140	8625.410	6516.060
Less/ Add	DEPRECIATION/ AMORTISATION		5141.120	4412.200	3699.490
	PROFIT/ (LOSS) BEFORE TAX		4058.020	4213.210	2816.570
Less	TAX		957.030	1434.990	1113.620
	PROFIT/ (LOSS) AFTER TAX		3100.990	2778.220	1702.950
	Earnings / (Loss) Per Share (Rs.)		90.33	80.93	49.60

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	14.92	15.44	11.62
Return on Investment (ROI) (PBT/Networth)		0.21	0.26	0.21
Debt Equity Ratio (Total Debt/Networth)		0.02	0.02	0.01
Current Ratio (Current Asset/Current Liability)		3.11	1.71	1.94

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	343.060	343.300	343.300
Reserves & Surplus	13081.950	15860.190	18961.180
Share Application money pending allotment	0.240	0.000	0.000
Net worth	13425.250	16203.490	19304.480
long-term borrowings	198.480	277.840	460.710
Short term borrowings	0.000	0.000	0.000
Total borrowings	198.480	277.840	460.710
Debt/Equity ratio	0.015	0.017	0.024

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)
Total Income	26513.560	32183.500	39030.260
		21.385	21.274

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	26513.560	32183.500	39030.260
Profit	1702.950	2778.220	3100.990
	6.42%	8.63%	7.95%

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	Yes
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

LITIGATION DETAILS

THE INCOME TAX APPELLATE TRIBUNAL BANGALORE C BEN

ITA 140/2014

Petitioner/Appnt. Name: THE DIRECTOR OF INCOME TAX	Respondent/Defnt. Name: M/S CISCO SYSTEMS INDIA PRIVATE LIMITED
Petnr./Appnt. Advocate: K V ARAVIND	Respnt./Defnt. Advocate:
Date Filed: 11/03/2014 Classification	District: Bangalore City

Stage : PENDING FOR ADMISSON	Last Posted For: ORDERS
Last Action Taken: Needfull done	Last Date of Action: 20/10/2014
Latest Order : OFFICE TO VERIFY
Before Hon'ble Judge/s: N.KUMAR B.MANOHAR

Lower Court Details [Appeal from below case.]

Case No	Court Name	Disposal Dt
ITA 1510/2012	THE INCOME TAX APPELLATE TRIBUNAL BANGALORE C BEN

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Long-term maturities of finance lease obligations	460.710	277.840
Total	460.710	277.840

INDEX OF CHARGES

No Charges Exist for Company

FIXED ASSETS

œ Land

œ Buildings

œ Plant and Equipment

œ Furniture and Fixtures

œ Vehicles

œ Office Equipment

œ Computer Equipment’s

œ Leasehold Improvements

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 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] on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.68
UK Pound	1	Rs.96.94
Euro	1	Rs.77.36

INFORMATION DETAILS

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

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		69

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.