MIRA INFORM REPORT

Report No. :	307074
Report Date :	16.02.2015

IDENTIFICATION DETAILS

Name :	KIRLOSKAR TECHNOLOGIES PRIVATE LIMITED (w.e.f.24.07.2008)
Formerly Known As :	KIRLOSKAR THERATRONICS PRIVATE LIMITED
Registered Office :	#306, 3^rdFloor, 6/23, Money Chambers, K. H. Road, Bangalore – 560027, Karnataka
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.11.1993
Com. Reg. No.:	08-014893
Capital Investment / Paid-up Capital :	Rs. 2.900 Millions
CIN No.: [Company Identification No.]	U31909KA1993PTC014893
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in trading of medical devices.
No. of Employees :	Not Available

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

Maximum Credit Limit :	USD 500000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. General financial position of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are reported to be 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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.

LOCATIONS

Registered Office :	#306, 3^rdFloor, 6/23, Money Chambers, K. H. Road, Bangalore – 560027, Karnataka, India
Tel. No.:	91-80-64503655/ 56
Fax No.:	91-80-41316955
E-Mail :	shrikant@kirloskarmedical.com
Corporate Office :	B-58, Defence Colony, 1^st Floor, Bhisham Pitamah Marg, New Delhi – 110024, India
Tel. No.:	91-11-24331368/ 69
Fax No.:	91-11-24331367

DIRECTORS

AS ON 30.09.2014

Name :

Vikram Shreekant Kirloskar

Designation :

Director

Address :

Kirloskar Residece, Kirloskar Business Park, Bellarn Road, Hebba, Banglore – 560024, Karnataka, India

Date of Birth/Age :

19.11.1958

Date of Appointment :

11.07.2013

DIN No.:

000007907

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	L29113PN1920PLC000670	KIRLOSKAR BROTHERS LIMITED	Director	20/01/2010	18/08/1987	-	Active	NO
2	U31909KA1993PTC014893	KIRLOSKAR TECHNOLOGIES PRIVATE LIMITED	Director	11/07/2013	05/11/1993	-	Active	NO
3	U99999KA1995PTC018529	Kirloskar Toyota Textile Machinery Private Limited	Director	14/08/1995	14/08/1995	-	Active	NO
4	U34101KA1997PTC022858	TOYOTA KIRLOSKAR MOTOR PRIVATE LIMITED	Director	06/10/1997	06/10/1997	-	Active	NO
5	U34300KA1962PLC053582	KIRLOSKAR SYSTEMS LIMITED	Managing director	29/10/2012	29/09/1999	-	Active	NO
6	U35914KA2002PTC030335	TOYOTA KIRLOSKAR AUTO PARTS PRIVATE LIMITED	Director	25/06/2007	10/04/2002	-	Active	NO
7	L29120PN1974PLC110307	KIRLOSKAR PNEUMATIC COMPANY LIMITED	Director	28/06/2002	28/06/2002	-	Active	NO
8	L29112PN1978PLC088972	KIRLOSKAR INDUSTRIES LIMITED	Director	19/05/2004	19/05/2004	18/05/2012	Active	NO
9	L64202KA2000PLC027860	ONMOBILE GLOBAL LIMITED	Director	17/08/2007	24/07/2006	07/08/2008	Active	NO
10	U74996KA2008PTC044934	VikramGeet Investments and Holdings Private Limited	Director	11/01/2008	11/01/2008	-	Active	NO
11	U93090KA2008NPL045150	COMMON PURPOSE INDIA	Director	04/02/2008	04/02/2008	08/11/2010	Active	NO
12	U66010KA2008PTC045231	TOYOTA TSUSHO INSURANCE BROKER INDIA PRIVATE LIMITED	Director	08/02/2008	08/02/2008	27/12/2012	Active	NO
13	U64201PN1998PLC012654	QUADRANT COMMUNICATIONS LIMITED	Director	06/09/2010	07/10/2009	-	Active	NO
14	U34300KA1998PTC023708	DENSO KIRLOSKAR INDUSTRIES PRIVATE LIMITED	Director	27/09/2010	12/01/2010	-	Active	NO
15	U31102MH1965PLC013362	KIRLOSKAR PROPRIETARY LIMITED	Director	17/09/2010	12/03/2010	-	Active	NO
16	U65993MH1972PTC016178	ASARA SALES AND INVESTMENT PRIVATE LIMITED	Director	14/09/2010	12/03/2010	-	Active	NO
17	U85100KA2010PTC055258	TAKSHASILA HEALTHCARE AND RESEARCH SERVICE PRIVATE LIMITED	Nominee director	24/07/2012	22/09/2010	-	Active	NO
18	U29253HR2010FTC048762	Toyota Material Handling India Private Limited	Director	06/02/2012	06/02/2012	-	Active	NO
19	U73100DL2011NPL228097	Global Innovation & Technology Alliance	Nominee director	24/12/2012	24/02/2012	-	Active	NO
20	U85110KA2012PTC063508	TAKSHASILA HOSPITALS OPERATING PRIVATE LIMITED	Nominee director	19/06/2012	12/04/2012	-	Active	NO
21	U65900KA2012PTC064328	VSK HOLDINGS PRIVATE LIMITED	Director	11/06/2012	11/06/2012	-	Active	NO

Name :

Anirudh G. B.

Designation :

Director

Address :

D-101, Mantri Elite Apartment, Bannergatta Road, Bangalore – 560076, Karnataka, India

Date of Birth/Age :

12.11.1958

Date of Appointment :

10.06.2000

DIN No.:

00776250

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	U31909KA1993PTC014893	KIRLOSKAR TECHNOLOGIES PRIVATE LIMITED	Director	10/06/2000	10/06/2000	-	Active	NO
2	U74920KA1989PTC010616	EQUIWEALTH SECURITIES PRIVATE LIMITED	Director	28/06/2000	28/06/2000	-	Active	NO
3	U72200KA1999PTC024847	ABSOLUTE SOLUTIONS PRIVATE LIMITED	Director	06/07/2000	06/07/2000	01/11/2013	Active	NO

Name :

Kalyanaraman Sunararama

Designation :

Director

Address :

S-31, Kirloskar Colony, 3^rd Stage, Basan Eshwara Nagar, Bangalore – 560079, Karnatka, India

Date of Birth/Age :

25.03.1950

Date of Appointment :

11.07.2013

DIN No.:

01252878

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	U25111KA1998PTC024273	TG KIRLOSKAR AUTOMOTIVE PRIVATE LIMITED	Whole-time director	22/01/2007	22/01/2007	25/03/2013	Active	NO
2	U31909KA1993PTC014893	KIRLOSKAR TECHNOLOGIES PRIVATE LIMITED	Director	11/07/2013	09/03/2013	-	Active	NO
3	U34300KA1962PLC053582	KIRLOSKAR SYSTEMS LIMITED	Whole-time director	25/03/2013	25/03/2013	-	Active	NO
4	U66010KA2008PTC045231	TOYOTA TSUSHO INSURANCE BROKER INDIA PRIVATE LIMITED	Director	26/09/2013	26/03/2013	-	Active	NO

Name :

Manasi Kirloskar

Designation :

Director

Address :

Kirloskar Residence, Kirloskar Business Park, Bellary Road, Hebbal, Bangalore – 560024, Karnataka, India

Date of Birth/Age :

07.08.1989

Date of Appointment :

11.07.2013

DIN No.:

02210054

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	U67120KA1989PTC009980	SRI HARIHARESHWARA FINANCE AND INVESTMENTS PRIVATE LIMITED	Director	09/08/2008	30/05/2008	-	Active	NO
2	U34300KA1962PLC053582	KIRLOSKAR SYSTEMS LIMITED	Whole-time director	01/04/2013	31/08/2010	-	Active	NO
3	U65900KA2012PTC064328	VSK HOLDINGS PRIVATE LIMITED	Director	19/06/2012	19/06/2012	-	Active	NO
4	U31909KA1993PTC014893	KIRLOSKAR TECHNOLOGIES PRIVATE LIMITED	Director	11/07/2013	09/03/2013	-	Active	NO
5	U64201PN1998PLC012654	QUADRANT COMMUNICATIONS LIMITED	Director	30/09/2013	30/09/2013	-	Active	NO

Name :

Amardeep Singh Sethi

Designation :

Managing Director

Address :

M-26, Sector – 11, Noida, Uttar Pradesh, India

Date of Birth/Age :

16.02.1960

Date of Appointment :

10.06.2013

DIN No.:

02487904

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
The Mysore Kirloskar	1
Kirloskar S Vikram	5
Govind Biligeri Anirudh	1
Hareshwara Sri Hari	100004
Vikram S Kirloskar	190022
Total	290033

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	99.99
Directors or relatives of Directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading of medical devices.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available

Bankers :

Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan, 227,D, Nariman Point, Mumbai – 400021, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
LONG TERM BORROWINGS
From Volkswagan Finance	0.000	0.499
SHORT TERM BORROWINGS
Overdraft from State Bank of India	25.346	22.349
Current maturity of vehicles loan	0.489	0.773
Total	25.835	23.621

Auditors :
Name :	Salarpuria and Partners Chartered Accountants
Address :	1008, Chiranjiv Towers, 43, Nehru Place, New Delhi – 110019, India
PAN No.:	AAMFS2483H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions
200000	Preference Shares	Rs. 10/- each	Rs. 2.000 Millions
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
95011	Equity Shares	Rs. 10/- each	Rs. 0.950 Million
190022	Preference Shares	Rs. 10/- each	Rs. 1.900 Millions
	Total		Rs. 2.850 Millions

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
300000	Equity Shares	Rs. 10/- each	Rs. 3.000 Millions
200000	Preference Shares	Rs. 10/- each	Rs. 2.000 Millions
	Total		Rs. 5.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
100011	Equity Shares	Rs. 10/- each	Rs. 1.000 Million
190022	Preference Shares	Rs. 10/- each	Rs. 1.900 Millions
	Total		Rs. 2.900 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.900	2.850	2.850
(b) Reserves & Surplus	194.052	174.033	163.706
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	4.000	4.000
Total Shareholders’ Funds (1) + (2)	196.952	180.883	170.556
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.499	1.290
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	1.777	1.818	1.733
Total Non-current Liabilities (3)	1.777	2.317	3.023
(4) Current Liabilities
(a) Short term borrowings	25.835	23.122	34.260
(b) Trade payables	5.970	2.194	6.653
(c) Other current liabilities	25.644	15.670	16.105
(d) Short-term provisions	15.750	7.214	1.651
Total Current Liabilities (4)	73.199	48.200	58.669
TOTAL	271.928	231.400	232.248
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	14.341	17.981	12.435
(ii) Intangible Assets	0.000	0.000	0.000
(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	0.000	0.000	0.000
(c) Deferred tax assets (net)	1.717	1.504	1.296
(d) Long-term Loan and Advances	8.604	8.454	13.045
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	24.662	27.939	26.776
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	58.731	58.961	42.230
(c) Trade receivables	48.540	69.054	63.799
(d) Cash and cash equivalents	98.284	52.273	79.835
(e) Short-term loans and advances	18.246	8.444	4.963
(f) Other current assets	23.465	14.729	14.645
Total Current Assets	247.266	203.461	205.472
TOTAL	271.928	231.400	232.248

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	NA	NA	NA
Less	EXPENSES
		TOTAL	NA	NA	NA
	PROFIT/ (LOSS) BEFORE TAX		24.660	15.892	4.183
Less	TAX		8.282	5.433	0.950
	PROFIT/ (LOSS) AFTER TAX		16.378	10.459	3.233
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		148.974	137.696	124.361
Less	APPROPRIATIONS
		Transfer to General Reserve	(2.000)	(0.800)	(0.600)
		Dividend	(0.150)	0.000	(0.114)
		Tax on Dividend	(0.045)	(0.019)	(0.019)
	BALANCE CARRIED TO THE B/S		167.547	148.974	137.696
	Earnings / (Loss) Per Share (Rs.)		56.47	36.06	11.15

KEY RATIOS

PARTICULARS	31.03.2014	31.03.2013	31.03.2012
Return on Total Asset (PBT/Total Assets)	9.13	6.91	1.81
Return on Investment (ROI) (PBT/Networth)	0.13	0.09	0.02
Debt Equity Ratio (Total Debt/Networth)	0.13	0.13	0.21
Current Ratio (Current Asset/Current Liability)	3.38	4.22	3.50

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	2.850	2.850	2.900
Reserves & Surplus	163.706	174.033	194.052
Share Application money pending allotment	0.000	4.000	4.000
Net worth	166.556	180.883	200.952
long-term borrowings	1.290	0.499	0.000
Short term borrowings	34.260	23.122	25.835
Total borrowings	35.550	23.621	25.835
Debt/Equity ratio	0.213	0.131	0.129

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	No
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	No
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	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

Note: Registered office of the company has been shifted from Lakshmi Complex 2^nd Floor, 15 St. Mark Road, Bangalore – 560001, Karnatka, India to the present address w.e.f.01.06.2006

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10252667	22/09/2010	70,000,000.00	KOTAK MAHINDRA BANK LIMITED	36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA	A97998447
2	90199492	04/01/2002	1,300,000.00	ICICI BANK LTD	BANGALORE, BANGALORE, Karnataka, INDIA	-

FIXED ASSETS

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Tools

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.14
UK Pound	1	Rs. 95.78
Euro	1	Rs. 71.05

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	JYO

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
--PROFITABILITY	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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--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.