MIRA INFORM REPORT

Report Date :

19.11.2014

IDENTIFICATION DETAILS

Name :	UST GLOBAL TECHNOLOGY SERVICES (INDIA) PRIVATE LIMITED
Registered Office :	Leela Infopark, Infopark SEZ, Kuusumagiri, Kakkanad, Cochin-682030, Kerala
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	10.03.2010
Com. Reg. No.:	09-025653
Capital Investment / Paid-up Capital :	Rs. 0.100 Million
CIN No.: [Company Identification No.]	U72200KL2010PTC025653
TAN No.: [Tax Deduction & Collection Account No.]	Not Divulged
PAN No.: [Permanent Account No.]	AABCU1636Q
Legal Form :	Private Limited Liability Company
Line of Business :	The Subject is Engaged in Offering IT Services such as Application Development, Application Management Services, Testing, Infrastructure Management etc.
No. of Employees :	Information decline by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a part of “UST Group”. It is an established company having satisfactory track. Trade relations seem to be fair. Business is active. Payment terms are reported as usually correct. In view of reputed percentage, 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 – 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating = BBB
Rating Explanation	Moderate degree of safety and moderate credit risk
Date	September 2014

Rating Agency Name	ICRA
Rating	Short Term Rating = A3+
Rating Explanation	Moderate degree of safety and higher credit risk
Date	September 2014

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 BY

Management Non-cooperative (Tel. No. : 91-484-4040000)

LOCATIONS

Registered Office :	Leela Infopark, Infopark SEZ, Kuusumagiri, Kakkanad, Cochin-682030, Kerala, India
Tel. No.:	91-484-4040000
Fax No.:	91-484-4040100
E-Mail :	finance.cerpl@ust-global.com

DIRECTORS

As on 30.09.2013

Name :

Mr. Sunil Balakrishnan

Designation :

Director

Address :

XVII-399-C Achyutam, First Floor, Rherlek Lane, Sanskriti College Road, Tripunithura-682301, Ernakulam, Kerala, India

Date of Birth/Age :

19.05.1967

Date of Appointment :

30.06.2011

DIN No.:

03552957

Name :

Mr. Subhash Kanhilimadhom Parameswaran

Designation :

Director

Address :

TC28/408, Vilayil House Kaithamukku, Trivandrum-69504, Kerala, India

Date of Birth/Age :

17.11.1965

Date of Appointment :

15.11.2011

DIN No.:

03572163

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	U72200KL2003PTC015869	US TECHNOLOGY RESOURCES PRIVATE LIMITED	Director	30-09-11	30-06-11	-	Active	NO
2	U72200KL2010PTC025653	UST GLOBAL TECHNOLOGY SERVICES (INDIA) PRIVATE LIMITED	Director	29-09-12	15-11-11	-	Active	NO
3	U72200KL2008PTC022985	UST GLOBAL INFORMATION TECHNOLOGY PARKS PRIVATE LIMITED	Director	30-09-13	25-06-13	-	Active	NO
4	U85300KL2011NPL027758	UST GLOBAL WELFARE FOUNDATION	Additional director	28-06-13	28-06-13	-	Active	NO

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Alexander Virghese	1
US Technology International Private Limited	9999
Total	10000

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2013

Category	Percentage
Bodies corporate	99.99
Other top fifty shareholders	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

The Subject is Engaged in Offering IT Services such as Application Development, Application Management Services, Testing, Infrastructure Management etc.

Products :

Description of product or service category	ITC code
Information Technology Consulting and Support Services	99831319

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers, Retailers, End Users, OEM’s and Others

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information decline by the management

Bankers :

Banker Name	Not Divulged
Branch Address	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Facilities :

SECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
LONG TERM BORROWINGS
Other loans and advances	28.626	48.544
Total	28.626	48.544

Banking Relations :	---
Auditors :
Name :	R. B. C. and Company LLP Chartered Accountants
Address :	12th & 13th Floor, UB City, Canberra Block, No.24, Vittal Mallya Road, Bengaluru – 560001, Karnataka, India
PAN No.:	ABSFS4151K
Holding Company :	US Technology International Private Limited (CIN No. : U72200KL1999PTC013385)
Fellow Subsidiary Company :	UST Global (Singapore) Private Limited, Singapore UST Global Private Limited (UK) UST Global Information Technology Parks Private Limited

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs.10/- each	Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs. 0.100 Million

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	0.100	0.100	0.100
(b) Reserves & Surplus	69.524	20.351	(6.904)
(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)	69.624	20.451	(6.804)
(3) Non-Current Liabilities
(a) long-term borrowings	28.626	48.544	69.087
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	1.348	0.915	0.337
(d) long-term provisions	4.910	0.730	0.111
Total Non-current Liabilities (3)	34.884	50.189	69.535
(4) Current Liabilities
(a) Short term borrowings	80.403	59.608	22.728
(b) Trade payables	78.640	5.511	0.797
(c) Other current liabilities	23.248	21.563	24.489
(d) Short-term provisions	7.182	2.479	0.039
Total Current Liabilities (4)	189.473	89.161	48.053
TOTAL	293.981	159.801	110.784
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	46.962	69.306	89.239
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	2.180
(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)	0.000	0.000	0.000
(d) Long-term Loan and Advances	21.358	11.688	6.438
(e) Other Non-current assets	0.050	0.050	0.050
Total Non-Current Assets	68.370	81.044	97.907
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	223.245	76.165	7.827
(d) Cash and cash equivalents	0.180	0.076	0.048
(e) Short-term loans and advances	0.458	0.497	0.256
(f) Other current assets	1.728	2.019	4.746
Total Current Assets	225.611	78.757	12.877
TOTAL	293.981	159.801	110.784

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		TOTAL	333.287	174.595	12.628
Less	EXPENSES
		TOTAL	284.112 (Including Depreciation Expenses)	147.340 (Including Depreciation Expenses	19.532 (Including Depreciation Expenses
	PROFIT BEFORE TAX		49.175	27.255	(6.904)
Less	TAX		0.002	0.000	0.000
	PROFIT AFTER TAX		49.173	27.255	(6.904)
	Earnings Per Share (Rs.)		4917.30	2725.50	(690.40)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Return on Total Assets (PBT/Total Assets}	(%)	16.73	17.06	-6.36
Return on Investment (ROI) (PBT/Networth)		0.71	1.33	1.01
Debt Equity Ratio (Total Debt /Networth)		1.57	5.29	-13.49
Current Ratio (Current Asset/Current Liability)		1.19	0.88	0.27

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	0.100	0.100	0.100
Reserves & Surplus	(6.904)	20.351	69.524
Net worth	(6.804)	20.451	69.624
long-term borrowings	69.087	48.544	28.626
Short term borrowings	22.728	59.608	80.403
Total borrowings	91.815	108.152	109.029
Debt/Equity ratio	(13.494)	5.288	1.566

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	12.628	174.595	333.287
		1,282.602	90.891

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	12.628	174.595	333.287
Profit	-6.904	27.255	49.173
	-54.67%	15.61%	14.75%

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	No
10]	Designation of contact person	No
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	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	Yes

CORPORATE INFORMATION

Subject is was incorporated on March 10 2010 under the Companies Act, 1956. The registered office of the Company is located at Kochi, Kerala.

The Company is registered as a unit in Special Economic Zone (SEZ), Kochi, and Kerala. Approval for the unit was granted by SEZ Development Commissioner under the provisions of Special Economic Zone Act, 2005 through letter dated April 26 2010.

The Company provides software development services to UST Global (Singapore) Pte Ltd, Singapore (a fellow subsidiary) on a cost plus model.

UNSECURED LOAN

(Rs. In Millions)

Particulars	As on 31.03.2013	As on 31.03.2012
SHORT TERM BORROWINGS
Loans and Advances from Others	80.403	59.608
Total	80.403	59.608

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

• Land
• Furniture and fixtures
• Office equipment
• Computer equipments
• Other equipments

PRESS RELEASE

QUICK VIEW: UST GLOBAL ACQUIRES KANCHI TECHNOLOGIES

Posted online: Thursday, May 22, 2014 at 0000 hrs

UST Global, a US-headquartered IT Services Company with presence in India, has announced the acquisition of Kanchi Technologies, a Milwaukee-based engineering solutions company. The value of the acquisition was not disclosed.

According to a press release, this acquisition is expected to grow UST Global’s engineering services. Kanchi Technologies has operations in the US, Germany and India.

It provides end-to-end product development capabilities to companies in the automotive, off-highway and manufacturing sectors.

Mindtree appoints Girotra to its board

Technology services firm Mindtree has appointed Manisha Girotra, the India CEO of a leading global independent investment bank, to its board of directors. The board also elected Rostow Ravanan as an Executive Director in addition to his role as the CFO, the company said in a statement. Ravanan co-founded Mindtree in 1999. Girotra, whose appointment is effective May 20, is the Chief Executive Officer of Moelis & Company in India. She ran the India operations for UBS and Barclays de Zoete Wedd's investment bank. Girotra is a specialist in investment banking, Mergers & Acquisitions and wealth management.

NIIT Q4 profit surges five-fold to Rs.140.000 Millions.

IT training solutions firm NIIT has reported an over five-fold rise in net profit to Rs.140.000 Millions for the quarter ended March 2014 on strong growth in corporate learning segment. The company's net profit (on like-to-like basis) stood at Rs.27.000 Millions in the January-March quarter of 2013. The financials exclude numbers from hardware supplied by NIIT for some contracts and are compared on a like-to-like basis. Net revenue grew 5% to Rs.2329.000 Millions in the quarter from Rs.2216.000 Millions in the year-ago period.

Zee Entertainment Q4 net up 21% at R2175.800 Millions.

Zee Entertainment Enterprises has reported a 21.14% increase in consolidated net profit at Rs.2175.800 Millions for the fourth quarter ended March 31, 2014. The company had reported consolidated net profit of Rs.1796.00 Millions in the same period of the previous fiscal. Consolidated total income stood at Rs.11588.100 Millions during the January-March quarter 2013-14, up 20.17% compared with Rs.9642.900 Millions during the same period last fiscal, Zee Entertainment said in a BSE filing.

Alstom T&D bags order to revamp Bihar grid

Alstom T&D India, a unit of French engineering group Alstom, said it has bagged a Rs.506.600 Millions order to renovate and modernise grid substations in Bihar. "Alstom T&D India has secured an order worth Rs.506.600 millions to renovate and modernise 132/33KV grid substations across various locations for Bihar State Power Transmission Company (BSPTCL)," the company said in a statement here. Bihar is looking to invest in revamping the power sector in the state. The state government plans to replace the obsolete infrastructure and increase power capacity for its 11 crore people.

Aegis adds 600 people to Kuala Lumpur workforce

Aegis, the business process management arm of Essar Group, has increased headcount at its Kuala Lumpur centre by 60% to 1,600 people, driven by strong demand across verticals such as telecom, banking and travel. Aegis, which closed the acquisition of Malaysia-based Symphony BPO in March this year, has since then leveraged its domain expertise and customer experience methodology to support clients, Aegis said in a statement. At the time of acquisition, the headcount stood at about 1,000.

Reliance Cement forays into West Bengal

Reliance Cement Company (RCC) has made a foray into West Bengal, a market that has 14-million-tonnes per annum (mtpa) demand and potential to grow by 8% in the coming years. "West Bengal is one of the largest cement consuming states in Eastern India with total consumption of around 14 million tonne per annum," Reliance Cement Company CEO Arvind Pathak said in a statement. "With ever-increasing industrial activities, real estate, construction and infrastructure, in addition to the onset of various industrial zones being developed in West Bengal, the market is expected to grow at the rate of 8% over the next few years," he added.

PepsiCo India invites 200 farmers to IPL matches

Beverages and snacks major PepsiCo India has invited 200 farmers from various states, including West Bengal and Punjab, to watch IPL matches live at Mohali, Kolkata and Mumbai, to commemorate 25 years in the country. The company has invited its 200 farmer friends from the states of West Bengal, Punjab, Bihar and Maharashtra to watch Pepsi IPL matches live at the stadiums in Mohali, Kolkata and Mumbai, PepsiCo India said in a statement.

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. 61.81
UK Pound	1	Rs. 96.77
Euro	1	Rs. 77.09

INFORMATION DETAILS

Information Gathered by :	NYN
Analysis Done by :	SUB
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
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	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		46

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.