MIRA INFORM REPORT

Report No. :	327127
Report Date :	16.06.2015

IDENTIFICATION DETAILS

Name :	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED
Registered Office :	281, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu
Tel. No.:	91-44-42112875
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.01.2007
Com. Reg. No.:	18 - 062014
Capital Investment / Paid-up Capital :	Rs. 5.022 Million
CIN No.: [Company Identification No.]	U32109TN2007PTC062014
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	CHEI05707C
PAN No.: [Permanent Account No.]	AABCI6304D
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in distribution of mobiles, accessories and recharge packs.
No. of Employees :	30 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (42)

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

Maximum Credit Limit :	USD 330000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007 having a satisfactory track record. Company has reported dip in its profile in financial year 2014. However, reserves and liquidity profile of the company is strong. Overall financial condition of the company appears to be decent. Trade relations are fair. Business is active. Payment terms are reported to be slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Mohan Raj
Designation :	General Manager
Contact No.:	91-9003022266
Date :	13.06.2015

LOCATIONS

Registered Office :	281, TTK Road, Alwarpet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-42112875/30511800/42912345
Mobile No.:	91-9003022266 (Mr. Mohan Raj)
Fax No.:	91-44-24660094
E-Mail :	info@indusmobile.in mukundanr@gmail.com
Branch Office :	278 Satya Building, Peters Road, Gopalapuram, Chennai, Tamilnadu, India

DIRECTORS

As on 29.09.2014

Name :

Mr. Durai Sathish Babu

Designation :

Managing Director

Address :

83/38, Flat C, Srividya Apartments, Bishop Garden, RA Puram, Chennai –600028, Tamilnadu, India

Date of Birth/Age :

28.09.1968

Date of Appointment :

11.01.2007

DIN No.:

00052809

Name :

Mr. Nadigadda Sandeep Reddy

Designation :

Director

Address :

10A, MT Sophia, #08-14, Singapore - 228462

Date of Birth/Age :

22.07.1968

Date of Appointment :

08.03.2007

DIN No.:

00483826

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	U67120TN2001PTC046392	UNIFI CAPITAL PRIVATE LIMITED	Director	04/01/2001	04/01/2001	-	Active	NO
2	U15137TN1986PTC012985	VENTURE TECH SOLUTION PRIVATE LIMITED	Director	05/02/2001	05/02/2001	15/10/2007	Active	NO
3	U92200TG2003PTC040633	IVISION MEDIA INDIA PRIVATE LIMITED	Director	20/08/2004	20/08/2004	30/03/2007	Active	NO
4	U72900TG2002PTC039627	ILABS HYDERABAD TECHNOLOGY CENTRE PRIVATE LIMITED	Director	27/12/2004	27/12/2004	-	Active	NO
5	U93000TG2005PTC045094	VISAGE MEDIA SERVICES PRIVATE LIMITED	Director	10/01/2005	10/01/2005	08/09/2008	Active	NO
6	U92113MH2006PTC205734	INTEGRID MEDIA PRIVATE LIMITED	Nominee director	22/01/2007	22/01/2007	25/01/2011	Active	NO
7	U32109TN2007PTC062014	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED	Director	29/09/2007	08/03/2007	-	Active	NO
8	U31103KA2002PTC030060	UNIVERSAL POWER TRANSFORMER PRIVATE LIMITED	Nominee director	24/07/2008	19/02/2008	12/10/2009	Active	NO
9	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	15/04/2008	15/04/2008	30/06/2009	Active	NO
10	U67110TN1957PLC058053	MADRAS STOCK EXCHANGE LIMITED	Director	24/05/2013	09/05/2008	-	Active	NO
11	U74130KA2006PTC059425	LOYALTY SOLUTIONS AND RESEARCH PRIVATE LIMITED	Director	29/09/2010	29/05/2010	-	Active	NO
12	U93000TN2009PTC071232	SURULI HOLIDAY HOMES PRIVATE LIMITED	Additional director	18/12/2013	18/12/2013	-	Active	NO

Name :

Mr. Parthasarathy Venkat Shankar

Designation :

Director

Address :

No. 3C, Nithyashree Apartments, 51 Chamiers Road, R. A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

27.04.1966

Date of Appointment :

29.11.2008

DIN No.:

02223282

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	U55101TN1994PTC027509	ORIENTAL CUISINES PRIVATE LIMITED	Director	15/04/2008	15/04/2008	24/04/2013	Active	NO
2	U32109TN2007PTC062014	INDUS MOBILE DISTRIBUTION PRIVATE LIMITED	Director	28/09/2009	18/06/2008	-	Active	NO
3	U29299MH1994PTC077795	KAM-AVIDA ENVIRO ENGINEERS PRIVATE LIMITED	Director	27/09/2011	01/09/2008	-	Active	NO
4	U51909TG2000PTC034653	BALAN NATURAL FOOD PRIVATE LIMITED	Director	09/10/2008	09/10/2008	15/12/2011	Active	NO
5	U72200KA2002PTC030917	TELE DNA COMMUNICATIONS PRIVATE LIMITED	Director	30/11/2009	30/10/2009	22/12/2011	Active	NO
6	U85110TN1994PTC029023	MEDALL HEALTHCARE PRIVATE LIMITED	Director	23/09/2010	08/11/2009	-	Active	NO
7	U31103KA2002PTC030060	UNIVERSAL POWER TRANSFORMER PRIVATE LIMITED	Director	13/08/2010	12/11/2009	-	Active	NO
8	U74130KA2006PTC059425	LOYALTY SOLUTIONS AND RESEARCH PRIVATE LIMITED	Director	29/09/2010	29/05/2010	-	Active	NO
9	U41000TN2002PTC050091	AQUA DESIGNS INDIA PRIVATE LIMITED	Director	30/11/2010	06/08/2010	-	Active	NO
10	U31900TN1985PTC011866	CONSUL CONSOLIDATED PRIVATE LIMITED	Director	29/08/2012	05/04/2012	-	Active	NO
11	U18109KA2009PTC051868	BRANDIS MANUFACTURING AND MARKETING PRIVATE LIMITED	Director	30/09/2013	29/11/2012	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Mohan Raj
Designation :	General Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2014

Name of Shareholders	No. of Shares	%age
D Sathish Babu	9,900	19.71
Sasi Sathish	100	0.20
Shankar Nathan	5,000	9.96
Peepul Capital Fund ll LLC, Mauritius	35,221	70.13
TOTAL	50,221	100.00

Equity Share Break up (Percentage of Total Equity)

As on 29.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in distribution of mobiles, accessories and recharge packs.

Products :

Item Code No.	Product Description
8517	Trading of Mobiles, Handsets and Accessories

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

End Users

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

No. of Employees :

30 (Approximately)

Bankers :

• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans taken for fixed assets	0.553	1.587
	0	0
SHORT TERM BORROWING	0	0
Working capital loans from banks	353.206	139.404
Total	353.759	140.991

Banking Relations :	--
Auditors :
Name :	Brahmayya and Company Chartered Accountants
Address :	48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, Tamilnadu, India
PAN No.:	AAAFB2481J
Memberships :	--
Collaborators :	--
Holding Company :	Peepul capital fund II LLC, Mauritius

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
99404	Equity Shares	Rs.100/- each	Rs. 9.940 Million
5960	Preference Shares	Rs.10/- each	Rs. 0.060 Million
	TOTAL		Rs. 10.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
50221	Equity Shares	Rs.100/- each	Rs. 5.022 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	5.022	5.022	5.022
(b) Reserves & Surplus	1148.614	1138.625	1008.408
(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)	1153.636	1143.647	1013.430
(3) Non-Current Liabilities
(a) long-term borrowings	0.553	1.587	2.532
(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	2.913	2.859	2.265
Total Non-current Liabilities (3)	3.466	4.446	4.797
(4) Current Liabilities
(a) Short term borrowings	366.817	139.404	147.213
(b) Trade payables	1131.596	941.487	457.707
(c) Other current liabilities	24.574	30.220	12.731
(d) Short-term provisions	0.361	8.201	0.000
Total Current Liabilities (4)	1523.348	1119.312	617.651
TOTAL	2680.450	2267.405	1635.878
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	10.778	13.643	14.776
(ii) Intangible Assets	9.877	13.357	16.837
(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)	3.853	4.539	0.000
(d) Long-term Loan and Advances	358.139	156.441	90.607
(e) Other Non-current assets	2.181	2.000	2.000
Total Non-Current Assets	384.828	189.980	124.220
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	62.040
(c) Trade receivables	2080.524	1881.477	1244.151
(d) Cash and cash equivalents	190.656	149.698	153.703
(e) Short-term loans and advances	13.004	36.238	33.539
(f) Other current assets	11.438	10.012	18.225
Total Current Assets	2295.622	2077.425	1511.658
TOTAL	2680.450	2267.405	1635.878

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME (A)	11723.512	10558.909	8019.783
Less	EXPENSES
	TOTAL (B)	11667.875	10413.391	7938.146
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	55.637	145.519	81.637
Less	FINANCIAL EXPENSES (D)	33.217	15.135	12.557
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	22.420	130.384	69.080
Less/ Add	DEPRECIATION/ AMORTISATION (F)	6.345	6.758	6.529
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	16.075	123.626	62.551
Less	TAX (H)	6.087	(6.591)	4.238
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	9.988	130.217	58.313
	Earnings / (Loss) Per Share (Rs.)	198.88	2593.00	1225.00

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.034	0.945	0.864
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.09	1.23	0.73
Operating Profit Margin (PBIDT/Sales)	(%)	0.47	1.38	1.02
Return on Total Assets (PBT/Total Assets}	(%)	0.60	5.46	3.82
Return on Investment (ROI) (PBT/Networth)		0.01	0.11	0.06
Debt Equity Ratio (Total Debt /Networth)		0.32	0.12	0.15
Current Ratio (Current Asset/Current Liability)		1.51	1.86	2.45

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	5.022	5.022	5.022
Reserves & Surplus	1008.408	1138.625	1148.614
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	1013.430	1143.647	1153.636
long-term borrowings	2.532	1.587	0.553
Short term borrowings	147.213	139.404	366.817
Current maturities of long-term debts	0.864	0.945	1.034
Total borrowings	150.609	141.936	368.404
Debt/Equity ratio	0.149	0.124	0.319

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	8019.783	10558.909	11723.512
		31.661	11.030

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	8019.783	10558.909	11723.512
Profit	58.313	130.217	9.988
	0.73%	1.23%	0.09%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
SHORT TERM BORROWING
Working capital loans	13.611	0.000
Total	13.611	0.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10541232	07/01/2015	30,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	C39567664
2	10525188	16/09/2014	180,350,000.00	Standard Chartered Bank	2nd Floor, No.19, Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA	C28929826
3	10526755	02/09/2014	150,000,000.00	TATA CAPITAL FINANCIAL SERVICES LIMITED	One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai,  Maharashtra - 400001, INDIA	C30365027
4	10508450	16/05/2014	60,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	C10873016
5	10458927	25/09/2013	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B89049605
6	10435650	27/05/2013	120,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL  W, MUMBAI, Maharashtra - 400013, INDIA	B79106944

*Date of charge modification

FIXED ASSETS

• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments

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.64.09
UK Pound	1	Rs.99.57
Euro	1	Rs.71.84

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	KIN
Report Prepared by :	ART

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		42

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.