MIRA INFORM REPORT

Report No. :	348877.2
Report Date :	10.11.2015

IDENTIFICATION DETAILS

Name :	TINYOWL TECHNOLOGY PRIVATE LIMITED

Registered Office :	Unit No.102 and 103, 1^st Floor, A Wing, Supreme Business Park, Supreme City, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra
Tel. No.:	91-22-61873400

Country :	India

Financials (as on) :	Not Available

Date of Incorporation :	02.06.2014

Com. Reg. No.:	11-255354

Capital Investment / Paid-up Capital :	Rs.1.680 Million

CIN No.: [Company Identification No.]	U72900MH2014PTC255354

IEC No.:	Not Applicable (As Claimed by company management that company does not export and import)

TAN No.: [Tax Deduction & Collection Account No.]	MUMT19088G

PAN No.: [Permanent Account No.]	AAFCT0185R

Legal Form :	Private Limited Liability Company

Line of Business :	Subject owns and operates mobile food ordering application, it enables users to order food via their mobile devices.

No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

RATING

STATUS

PROPOSED CREDIT LINE

New Business

Status :	New Business

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Tinyowl Technology Private Limited owns and operates mobile food ordering application. It enables users to order food via their mobile devices. The company was founded in 2014 and is based in Mumbai, Maharashtra. Our executives were unable to contact the subject. As per Registrar of Companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings on safe and secured trade terms and conditions in view newly incorporated.

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

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

EXTERNAL AGENCY RATING

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Subhash
Designation :	Senior Executive in Legal Department
Contact No.:	91-22-61873400
Date :	06.11.2015

LOCATIONS

Registered Office :	Unit No.102 and 103, 1^st Floor, A Wing, Supreme Business Park, Supreme City, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India
Tel. No.:	91-22-61873400
Fax No.:	Not Available
E-Mail :	jitendra.kalani@tinyowl.co.in
Website :	www.tinyowl.com

DIRECTORS

As on 31.03.2015

Name :

Mr. Rishi Omprakash Navani

Designation :

Nominee Director

Address :

Flat No. 2S, 2nd Floor, GHIA Mansion, 18/M L Dahanukar Marg, Carmichael Road, Mumbai - 400026, Maharashtra, India

Date of Appointment :

13.03.2015

DIN No.:

01758427

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	U67190MH2006PTC162457	MATRIX INDIA ASSET ADVISORS PRIVATE LIMITED	Managing director	29/05/2006	29/05/2006	-	Active	NO
2	U09211KA2005PTC037003	SEVENTYMM SERVICES PRIVATE LIMITED	Director	01/09/2006	01/09/2006	13/03/2008	Active	NO
3	U51900MH2006PTC160686	BRAND MARKETING (INDIA) PRIVATE LIMITED	Director	31/07/2007	31/07/2007	20/07/2011	Active	NO
4	L80101MH2006PLC163028	TREE HOUSE EDUCATION AND ACCESSORIES LIMITED	Nominee director	14/11/2014	13/08/2008	-	Active	NO
5	U80211DL1997PLC090156	FIITJEE LIMITED	Nominee director	09/07/2009	09/07/2009	24/02/2011	Active	NO
6	U72200KA2007PTC042493	Ver se Innovation Private Limited	Nominee director	02/09/2010	29/09/2009	-	Active	NO
7	U63040KA2005PLC037834	SIESTA HOSPITALITY SERVICES LIMITED	Additional director	12/11/2009	12/11/2009	-	Active	NO
8	U52190GJ2011PTC084513	Premium Garments Wholesale Trading Private Limited	Additional director	13/05/2011	13/05/2011	31/03/2012	Active	NO
9	U72300MH2011PTC215103	MSWIPE TECHNOLOGIES PRIVATE LIMITED	Director	12/12/2012	01/12/2012	-	Active	NO
10	U99999DL1997PTC090978	TCNS CLOTHING COMPANY PRIVATE LIMITED	Nominee director	26/11/2013	26/11/2013	-	Active	NO
11	U65991TN1984PLC010844	FIVE STAR BUSINESS CREDITS LIMITED	Director	20/08/2014	12/03/2014	05/08/2015	Active	NO
12	U74999KA2011PTC058374	Chumbak Design Private Limited	Nominee director	12/05/2014	12/05/2014	-	Active	NO
13	U72900MH2014PTC255354	TINYOWL TECHNOLOGY PRIVATE LIMITED	Nominee director	13/03/2015	12/03/2015	-	Active	NO

Name :

Mr. Gautam Mago

Designation :

Nominee Director

Address :

A-708, Prestige Acropolis, Hosur Road, Koramangala, Bangalore - 560095, Karnataka, India

Date of Appointment :

24.07.2014

DIN No.:

03568682

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	U74140DL2004PTC127708	UNICKON FINANCIAL INTERMEDIARIES PRIVATE LIMITED	Director	20/07/2011	20/07/2011	22/03/2012	Active	NO
2	U24110TG1999PLC030970	SAI LIFE SCIENCES LIMITED	Director appointed in casual vacancy	09/02/2012	28/09/2011	-	Active	NO
3	U72300DL2006PTC154694	UnitedLex BPO Private Limited	Director	27/09/2012	07/12/2011	-	Active	NO
4	U65922HR1998PLC042782	INDIA SHELTER FINANCE CORPORATION LIMITED	Additional director	21/03/2012	21/03/2012	21/07/2012	Active	NO
5	U72200KA2006PTC038764	Fintellix Solutions Private Limited	Director	30/09/2013	30/11/2012	-	Active	NO
6	U66010TN2005PLC056649	STAR HEALTH AND ALLIED INSURANCE COMPANY LIMITED	Nominee director	08/11/2013	08/11/2013	-	Active	NO
7	U67190TN2008PTC066350	A&A DUKAAN FINANCIAL SERVICES PRIVATE LIMITED	Nominee director	21/01/2014	21/01/2014	-	Active	NO
8	U72900MH2014PTC255354	TINYOWL TECHNOLOGY PRIVATE LIMITED	Nominee director	25/07/2014	24/07/2014	-	Active	NO
9	U63090DL2012PTC231770	ORAVEL STAYS PRIVATE LIMITED	Nominee director	30/09/2014	29/09/2014	-	Active	NO
10	U65999KA2000PTC033945	Sequoia Capital India Advisors Private Limited	Managing director	16/02/2015	16/02/2015	-	Active	NO
11	U65993KA1993PTC074590	ZEN LEFIN PRIVATE LIMITED	Nominee director	20/03/2015	19/03/2015	-	Active	NO
12	U74999KA2012PTC062610	URBAN LADDER HOME DECOR SOLUTIONS PRIVATE LIMITED	Nominee director	18/09/2015	26/03/2015	-	Active	NO
13	U74999MH2014PTC254660	Resfeber Labs Private Limited	Nominee director	10/06/2015	10/06/2015	-	Active	NO
14	U64201HR2008PTC053766	ONE MOBIKWIK SYSTEMS PRIVATE LIMITED	Nominee director	30/09/2015	21/07/2015	-	Active	NO

Name :

Mr. Harshvardhan Mandad

Designation :

Director

Address :

Flat No : 1105 A Wing, Palatial Heights, Opposite To Lake Homes, Chandiwali, Mumbai - 400072, Maharashtra, India

Date of Appointment :

02.06.2014

DIN No.:

06694386

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	U72900MH2013PTC248758	FLUTTERBEE TECHNOLOGY PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
2	U72900MH2014PTC255354	TINYOWL TECHNOLOGY PRIVATE LIMITED	Director	02/06/2014	02/06/2014	-	Active	NO

Name :

Mr. Saurabh Goyal

Designation :

Director

Address :

Flat No. 1105, A-Wing, Palatial Heights, Opposite Lake Home, Chandivali, Mumbai - 400072, Maharashtra, India

Date of Appointment :

02.06.2014

DIN No.:

06694388

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	U72900MH2013PTC248758	FLUTTERBEE TECHNOLOGY PRIVATE LIMITED	Director	01/10/2013	01/10/2013	-	Active	NO
2	U72900MH2014PTC255354	TINYOWL TECHNOLOGY PRIVATE LIMITED	Director	02/06/2014	02/06/2014	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Subhash
Designation :	Senior Executive in Legal Department

MAJOR SHAREHOLDERS

As on 16.05.2014

Names of Shareholders		No. of Shares
Deap Ubhi		183
Harshvardhan Mandad		2907
Saurabh Goyal		1850
Shikhar Paliwal		1277
Tanuj Kandelwal		1498
Gaurav Chaudhary		1277
Tancom Eletronics Private Limited		1008
Total		10000

As on 24.07.2014

Names of Allottees		No. of Shares
Kunal Bahll		77
RohiBansal		77
Sequoia Capital India Investments IV		2605
Nexus Ventures III, Limited		2605
Total		5364

As on 24.07.2014

Names of Allottees		No. of Shares
Kunal Bahll		10
RohiBansal		10
Sequoia Capital India Investments IV		10
Nexus Ventures III, Limited		10
Total		40

As on 28.01.2015

Names of Allottees		No. of Shares Allotted
Sequoia Capital India Investment IV, Mauritius		978
Nexus Ventures III Limited, Mauritius		978
Total		1956

BUSINESS DETAILS

Line of Business :	Subject owns and operates mobile food ordering application, it enables users to order food via their mobile devices.

Products :	Mobile Food Ordering Application

Brand Names :	Not Available

Agencies Held :	Not Available

Exports :	Not Divulged

Imports :	Not Divulged

Terms :
Selling :	Not Divulged

Purchasing :	Not Divulged

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
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

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 declined 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

Auditors :	Not Divulged

Memberships :	Not Available

Collaborators :	Not Available

Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

Authorised Capital: Rs.5.200 Million

Issued, Subscribed & Paid-up Capital: Rs.1.680 Million

FINANCIAL DATA

[all figures are in Rupees Million]

NEW COMPANY

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	No
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	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	No
22	Conduct of the banking account	----------------------
23	Financials, if provided	No
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	No
27	Reasons for variation <> 20%	----------------------
28	Estimation for coming financial year	No
29	Profitability for last three years	No
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	No
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

WEBSITE DETAILS:

PRESS RELEASES/ ARTICLE

TINYOWL RESTRUCTURES; CUTS OVER 100 JOBS

September 9, 2015

TinyOwl Technology Private Limited, a Mumbai-based startup that offers a location-based mobile app for ordering food, is shedding jobs.

“Layoffs are a part of the restructuring strategy. There are some areas where as a company we need to curtail operational inefficiencies and on the other hand increase efficiency, productivity in focused departments, providing the best innovative offerings to our customers. We are looking at developing focused departments to help service our customer better,” Tanuj Khandelwal, co-founder of TinyOwl, said in a statement.

The development was first reported by Mint, which added that over 100 jobs in Mumbai and Pune have been put on the block. Khandelwal did not confirm how many jobs are being shed. TinyOwl’s sales, marketing, business intelligence and data teams saw maximum churn. In February, the company claimed to have 350-400 staffers.

The online food ordering business in India is estimated to be worth around Rs 5,000-6,000 crore, growing at about 30 per cent month-on-month, according to a report by India Brand Equity Foundation. However, this space is transactions driven and margins can be wafer for food tech companies.

The Mumbai-based TinyOwl was founded in 2014 by Harshvardhan Mandad, Shikhar Paliwal, Gaurav Choudhary, Saurabh Goyal and Khandelwal, all of whom are IIT Bombay alumni. The mobile-first app is funded by Sequoia Capital, Nexus Venture Partners and Matrix Partners. In fact, TinyOwl’s deal to raise Rs 100 crore in Series B funding from the three VC firms, is considered to be the biggest one in the food tech space.

TinyOwl has two offerings; TinyOwl HomeMade (for procuring meals from local chefs) and a similar service for food ordering from nearby restaurants. Recently, TinyOwl HomeMade started operations in Bangalore. Users can either make payments through their credit card or opt for cash-on-delivery. The app is available on Android and iOS platforms.

TinyOwl does not intend to stop its restaurant ordering and delivery practise, the company said.

Despite the layoffs, TinyOwl says that its growth plans are on track.

“TinyOwl has grown immensely in the past year and our efforts continue to be focused on strengthening the brand’s position in the market at a national level. TinyOwl is on track with the plan of launching 50 cities by 2016,” Khandelwal added.

Moreover, the company is set to hire about 100-150 employees for its technology, design and business development teams, he said. This indicates that TinyOwl was dis-satisfied with some of its previous hires.

The company has operations in Mumbai, Pune, Delhi NCR, Hyderabad, Bengaluru and Chennai.

In the last few years, the country’s booming startup ecosystem has attracted talent from some of the best engineering colleges. While many startups have gone on to create value for investors and employees, some are compelled to either cut costs (through job cuts) or close down completely.

In August, Helion Venture Partners- backed TalentPad.com (formerly known as Talent Auction), a Bangalore-based curated marketplace for technology recruitment, closed down its operations. Last year, #nwplyng, a social music-sharing app with a gamification feature, shut shop.

Recent news reports indicate that Housing.com has shown the door to 600 employees to trim costs.

Having said that, the food tech space in India is currently one of the hottest segments with a few companies raising funds from VC firms, as per VC funding data from VCCEdge, the data research platform of VCCircle.

Recently, Bangalore-based Bundl Technologies Pvt Ltd, which owns and operates online food ordering startup Swiggy.com, has raised Series B funding of $16.5 million (around Rs 102 crore) in a round led by Norwest Venture Partners (NVP) for expanding its geographical footprint and brand building.

Also, Delhi-NCR-based Bite Club raised Rs 3 crore from Powai Lake Ventures and angels such like Aneesh Reddy of Capillary Technologies, Ashish Kashyap of Goibibo Group and Alok Mittal of Canaan Partners. In February, food technology and delivery start-up YuMist raised about Rs 6.2 crore from venture capital firm Orios Venture Partners.

ROCKET BIDS TO ACQUIRE TINYOWL, WITHOUT SUCCESS

Mumbai-based TinyOwl, a player in online food ordering market, has raised Rs 100 crore in its second round of funding

March 17, 2015

Berlin-based Rocket Internet seems to have faced its first setback in India’s online food ordering market. The company, which recently infused $110 million in Foodpanda in India, is learnt to have made a bid to acquire the Sequoia-backed TinyOwl, albeit without success.

On condition of anonymity, a senior TinyOwl executive said Rocket had spoken to the company for a possible buyout, but the Mumbai-based company, plans to expand across India this year, did not want to lose control to Rocket. “There are, of course, a lot of synergies between TinyOwl and Rocket’s model in India for the online food ordering market. But TinyOwl has raised fresh funds and, at this moment, isn’t ready for a sell-out and losing control.”

When contacted, a Rocket Internet spokesperson said, “We don’t comment on such rumours.”

Rocket Internet aims to be the largest player in India’s online food ordering market. A recent report by the German company said India was one of its biggest priority markets in Asia.

TinyOwl covers about 4,000 restaurants in Mumbai, with about 2,000 orders a day. For the company, the average customer acquisition cost is about Rs 100 and the average ticket size of an order on its app is Rs 300-400.

Less than a year old, the Harshvardhan Mandad-led TinyOwl has raised Rs 100 crore in a second round of funding. It aims to expand to 50 cities by the year-end and hit the top 10 cities by the middle of this year. The company gets 10-20 per cent commission from restaurants when an order is placed through its app. On a similar model, the Deepinder Goyal-led Zomato is expected to launch a food ordering facility next week. Zomato will, like TinyOwl, get a share of the value of the orders through its app.

Sequoia is a common investor in both Zomato and TinyOwl. TinyOwl, so far specialising in food ordering, plans to expand to reviews, too.

Rocket Internet had incubated Foodpanda.com in Berlin in May 2012, as a global online food ordering marketplace. It operates across 40 countries and five continents, in partnership with 30,000 restaurants globally.

Its Indian entity, Foodpanda.in, was started in May 2012. Major investments by Rocket in the Indian start-up system include Jabong, Printvenue, FabFurnish and OfficeYes.

EXCL: FOOD ORDERING APP TINYOWL IN TALKS TO RAISE $5M FROM EXISTING INVESTORS SEQUOIA AND NEXUS

February 3, 2015

TinyOwl Technology Private Limited, a Mumbai-based startup that offers a location-based mobile app for food ordering, is in talks with its existing investors, Sequoia Capital and Nexus Venture Partners to raise $5 million in its Series B round of funding.

“We plan to raise $5 million. The amount may increase. As of now we have interest from our existing investors. The whole amount may come from them,” Harshvardhan Mandad, co-founder and CEO of TinyOwl, told Techcircle.in. “It may take two-three months,” he added.

The money will be used for the company’s geographical expansion.

The service is currently available only in Mumbai. It plans to launch its services across four more cities — Delhi, Chennai, Bangalore and Pune — in the next six months. It also plans to hire 200 more employees across technology and business development departments. It currently has 300 employees.

The company raised $3 million from Sequoia and Nexus in December last year. “So far we haven’t burnt the entire amount,” Mandad said.

Separate emails sent to Sequoia Capital and Nexus Venture Partners did not elicit a response.

Founded in March 2014 by a group of IIT Bombay alumni, TinyOwl allows users to order food from restaurants and have it delivered at their doorstep. Consumers can manage the entire process including selecting and ordering the dishes and tracking the delivery. Users can either make payments through their credit card or opt for cash-on-delivery. The app is available on Android and iOS platforms.

The company is not making any money now but it soon plans to start charging 10 to 20 per cent cut from the restaurants, it signs up.

It has expanded to over 4,300 restaurants from 3,500 during last month. It claims it facilitates 3,000 to 5,000 transactions per day, with the average value of order being Rs 300.

Onine food ordering is one of the hottest sectors in India that has seen a lot of action, of late. Leading players in the space include Rocket Internet-backed Foodpanda.com and Axon Partners Group-backed JustEat.in. Foodpanda acquired Delivery Hero-backed online food ordering venture TastyKhana for an undisclosed amount in November last year.

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.66.34
UK Pound	1	Rs.100.03
Euro	1	Rs.71.45

INFORMATION DETAILS

Information Gathered by :	PRT

Analysis Done by :	DIV

Report Prepared by :	PNM

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.

MIRA INFORM REPORT

Unit