MIRA INFORM REPORT

Report Date :

26.11.2008

IDENTIFICATION DETAILS

Name :	HYVA INDIA PRIVATE LIMITED
Formerly Known As:	HYVA INDIA TRANSPORTATION SYSTEMS PRIVATE LIMITED
Registered Office :	Plot # EL – 215, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra
Country:	India
Financials as on:	31.12.2007
Date of Incorporation :	02.09.1996
Com. Reg. No.:	11-102299
CIN No.:	U50100MH1996PTC102299
TAN No.: (Tax Deduction & Collection Account No.)	MUMH07261C
PAN No.: (Permanent Account No.)	AAACH2006C
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of Front End Telescopic Tipping Cylinders for Tippers and Tip Trailer Segment.

RATING & COMMENTS

MIRA’s Rating :

Aa

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 5000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. General financial position is satisfactory. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

LOCATIONS

Registered Office :	Plot # EL – 215, MIDC, Mahape, Navi Mumbai – 400701, Maharashtra, India
Tel. No.:	91-22-56165590 / 56165440 / 27671512/ 67618888
Fax No.:	91-22-27672846/ 27610504/ 27672182
E-Mail :	sudhirp@hyvaindia.com info@hyvaindia.com rajuk@hyvaindia.com
Website :	http://www.hyvaindia.com
Administrative Office :	Plot # C – 246, MIDC, TTC, Pwane, Navi Mumbai – 400705, Maharashtra, India
Tel. No.:	91-22-27905441 / 2 / 4 / 27683425
Fax No.:	91-22-27672846 / 25118307
E-Mail :	hyvaind@bom3.vsnl.net.in
Factory :	Plot No. D-222/ 34, MIDC, TTC Shiravane, Navi Mumbai - 400706, Maharashtra, India
Tel. No.:	91-22-27672272 / 27636909
Factory :	Located at : Germany Brazil China India
Sales Office :	Hyderabad D.No: 7-1-613/14/A/201, Lakshmishree Complex, Amirpet – Hyderabad – 16, India Mobile No. :91-9396966593 Bangalore C/o M/s.Sri Naga Motors (Hyva), No.893,Ist Floor,Swaraj Building, MES Ring Road, Muthyalamma Nagar, Gokula Post, Bangalore – 560054, India Ph.: 91-80-23454816 Mob.: 91-9343662689/ 09886762689 For Sales Enquiries : sales@hyvaindia.com
Branch Office :	Located at: Navi Mumbai Bangalore Jamshedpur Hyderabad

DIRECTORS

Name :	Mr. Sudhir M. Prabhu
Designation :	Managing Director
Address :	Bunglow No.3, Madhuvan, Deonar Cooperative Housing Society, Gowandi Station Road, Deonar, Mumbai – 400088, Maharashtra, India
Date of Birth/Age :	25.11.1950
Qualification :	Diploma in Production Engineering (DPE)
Experience :	32 years
Date of Appointment :	21.09.1998
Email :	sudhirp@hyvaindia.com
Name :	Mr. Ashok Suresh Deshmukh
Designation :	Alternate Director to Mr. Lawrence Dijkstra
Name :	Mr. Jacob W. Vaandrager (Foreign)
Designation :	Director
Address :	Hyva Beheer B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland
Date of Appointment :	18.11.1997
Name :	Mr. Louwrens M. Dijkstra (Foreign)
Designation :	Director
Address :	Hyva Beheer B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland
Date of Birth/Age :	01.10.1955
Date of Appointment :	18.11.1997
Name :	Mr. Haresh M. Sanghvi
Designation :	Alternate Director to Mr. Jacob Vaandrager
Address :	1/69, Jabareya Court, Marine Drive, Mumbai – 400020, Maharashtra, India
Date of Appointment :	15.01.1998
Name :	Mrs. Madhuvanti Kamath Prabhu
Designation :	Alternate Director
Address :	Bunglow No. 3, Madhuvan, Deonar Co-op. Hsg. Soc. Gowandi Station Road, Deonar, Mumbai - 400088, Maharashtra, India
Date of Birth/Age :	26.01.1957
Date of Appointment :	02.09.2004
Name :	Mrs. Kirti Vijay Shenoy
Designation :	Alternate Director
Address :	B-116, Meghdoot, Raheja Township, Malad (East), Mumbai – 400097, Maharashtra
Date of Birth/Age :	18.11.1966
Date of Appointment :	14.08.2004
Name :	Mr. Roelof Koch
Designation :	Director
Address :	Hyva Beheer B V, Ondernemingsweg-1, 2404HM, Alphen Ad Rijn, Holland
Date of Birth/Age :	04.11.1954
Date of Appointment :	02.09.2004

KEY EXECUTIVES

Name :	Mr. Shrirang Vasant Khadilkar
Designation :	Company Secretary
Address :	605, “C” Wing, Krushal Towers, M G Road, Chembur, Mumbai – 400089, Maharashtra, India
Date of Birth/Age :	23.12.1955
Date of Appointment :	17.04.2006
Name :	Mr. B. R. Tarafdar
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(As on 23.06.2008)

Names of Shareholders	No. of Shares
Sudhir M. Prabhu	20
Hyva Transporttechnic GmbH	1251000
Total	1251020

(As on 30.06.2008)

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	99.99
Directors or relatives of directors	0.01
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of Front End Telescopic Tipping Cylinders for Tippers and Tip Trailer Segment.

Products :

Item Code No.: [ITC Code]	Product Description
842610	Cranes, Compactors, Scissor – Tipping System and other Transportation System

Agencies Held :

• HMF, Denmark
• JOST, Germany
• RINGFEDER, Germany

GENERAL INFORMATION

No. of Employees :

96

Bankers :

• ABN Amro Bank N V,

14, Veer Nariman Road, Now Shifted To, 7^th Floor, Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India

• Citibank NA

Bandra Kurla Complex, G-Block, Bandra (East), Mumbai - 400051, Maharashtra, India

• ICICI Bank
• HDFC Bank Limited
• Bharat Co-operative Bank

Facilities :

Secured Loans	31.12.2007 (Rs. In Millions)
Term Loans From Bank (Repayable within one year Rs.33.310 Millions) (Secured against mortgage of immovable properties at Plot EL-215 at Mahape, Navi Mumbai, and Hypothecation of Fixed Assets, Existing and Future)	41.638
Hire Purchases Loans (Repayable within one year Rs.0.021 Millions) (Secured by Hypothecation of Vehicles Purchased)	0.021
Finance Lease Liability (Repayable within one year Rs.17.745 Millions) (Secured by Underlying Assets)	44.922
Total	86.581
Unsecured Loans	31.12.2007 (Rs. In Millions)
Short Term Loans (Repayable within one year Rs.10.867 Millions)	10.867
Total	10.867

Banking Relations :	Satisfactory
Auditors :	Price Waterhouse Chartered Accountants
Address:	252, Veer Savarkar Marg, Shivaji Park, Dadar- 400028, Maharashtra, India
Associates/Subsidiaries :	Ujwal Process Mechanical Engineering Private Limited Hyva International BV., Netherlands Hyva Holding BV Hyva Thailand Company Limited, Thailand Hyva Malaysia SDN BHD Hyva Lift Technamics BV Hyva Corporation, America Hyva Do Brasil Hydraulica Limited Hyva Mechanics (Yang Zhou) Limited, China Kennis Mechinefabriek BV., Netherlands Amco Veba SRL., Italy Technamics BV., Netherlands Georg Hydraulik Gmbh, Germany
Holding Company :	Hyva Transporttechnic GmbH
Unlimited Holding Company :	Hyva Holding B.V., Holland

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000	Equity Shares	Rs.10/- each	Rs.15.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1251020	Equity Shares	Rs.10/- each	Rs.12.510 millions

Note:

Of the above 1251000 Equity Shares of Rs.10/- each fully paid are held by Hyva Transporttechnik Gmbh, Australia and 20 Equity Shares of Rs.10/- each fully paid are held by a nominee of Hyva Transporttechnik Gmbh, Australia.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2007	31.12.2006	31.12.2005
SHAREHOLDERS FUNDS
1] Share Capital		12.510	12.510	12.510
2] Share Application Money		0.005	0.005	0.005
3] Reserves & Surplus		958.885	540.043	339.402
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		971.400	552.558	351.917
LOAN FUNDS
1] Secured Loans		86.581	75.062	51.205
2] Unsecured Loans		10.867	0.000	100.000
TOTAL BORROWING		97.448	75.062	151.205
DEFERREX TAX LIABILITIES		0.000	0.000	0.962
TOTAL		1068.848	627.620	504.084
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		310.772	145.418	69.318
Capital work-in-progress		75.697	27.333	9.594
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		4.144	4.142	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	608.643	457.291	301.448
	Sundry Debtors	659.754	353.918	335.322
	Cash & Bank Balances	143.515	56.554	76.400
	Other Current Assets	0.203	0.176	0.003
	Loans & Advances	107.030	103.233	86.342
Total Current Assets		1519.145	971.172	799.515
Less : CURRENT LIABILITIES & PROVISIONS
	Current Liabilities	800.581	497.198	352.463
	Provisions	40.329	23.247	21.880
Total Current Liabilities		840.910	520.445	374.343
Net Current Assets		678.235	450.727	425.172
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1068.848	627.620	504.084

PROFIT & LOSS ACCOUNT

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
Sales Turnover		3647.201	2346.550	1298.277
Other Income		20.381	3.663	6.219
Total Income		3667.582	2350.213	1304.496
Profit/(Loss) Before Tax		646.759	311.739	213.442
Provision for Taxation		227.917	111.098	67.949
Profit/(Loss) After Tax		418.842	200.641	145.493
Export Value		223.155	92.985	25.677
Import Value		787.391	518.719	NA
Expenditures:
	Cost of Sales	2375.949	1555.565	0.000
	Employee Costs	96.644	75.401	0.000
	Manufacturing Expenses	477.727	382.863	0.000
	Interest	24.099	11.935	7.301
	Depreciation	46.404	12.711	0.000
	Other Expenditure	0.000	0.000	1080.083
Total Expenditure		3020.823	2038.475	1087.384

KEY RATIOS

PARTICULARS		31.12.2007	31.12.2006	31.12.2005
PAT / Total Income	(%)	6.21	4.73	11.15
Net Profit Margin (PBT/Sales)	(%)	17.73	13.28	0.16
Return on Total Assets (PBT/Total Assets}	(%)	35.34	27.91	24.57
Return on Investment (ROI) (PBT/Networth)		0.67	0.56	0.61
Debt Equity Ratio (Total Liability/Networth)		0.97	1.08	1.49
Current Ratio (Current Asset/Current Liability)		1.81	1.87	2.14

LOCAL AGENCY FURTHER INFORMATION

Note:

The Registered Office of the company has been shifted from Plot # C 255, MIDC Pawane Village, Navi Mumbai – 400705, Maharashtra, India, to the present address w.e.f. 23.12.2006.

History:

The name of the company was changed to present with effect from 24^th January, 2001.

The Registered office of the company has been shifted from Plot # C 255, MIDC Pawane Village, Navi Mumbai – 400705, Maharashtra, India to the present address w.e.f. 23.12.2006

Subject is a wholly owned Dutch subsidiary of Hyva Holding B.V, Holland. They commenced their operations on TEST basis to feel and know the Indian Business by making absolute minimum investments as well as exposure.

The company is the 22^nd Daughter Company of Hyva Holding B.V. At present, they are consolidating their business plan for 2000-2010 based on hands on experience gained by them.

Their customers are their sister companies around the world. Their world-wide suppliers are channelized through their Dutch Office. They would prefer dealing with companies whom they know well, it can be a customer or suppliers.

Subject is engaged in manufacturing and trading of Cranes, Compactors, Scissors-Tipping Systems and other Transportation Systems. This involves assembly of various components that are either imported from foreign countries or purchased in the domestic markets.

As such, considering the number, various sizes and specification of such parts and lack of uniform meaningful unit of measurement for the items, the management is of the opinion that it was not possible to had separate quantitative details for various items involved in the manufacturing business.

Business Scenario:

Driven by robust market demand throughout the year, the company registered a turnover of Rs.3647.200 Millions, registering annualized growth of 55%.

Earning per share has risen to 334.80 per shares for a 10 rupee share.

India continues to be emerging global automotive power offering vast opportunities for investment 2007 was a Goodyear for the Indian Economy. The GDP grew by 8% during this year on top of growth of 6% in the previous year. The total commercial vehicles production grew by 37% in the year.

Form 8

Name of the Company	HYVA INDIA PRIVATE LIMITED
Presented by	ABN AMRO Bank N V and HYVA INDIA PRIVATE LIMITED
Date and description of instrument creating the change	Dated: 13^th January, 2004 Special Hypothecation Agreement
Amount secured by the charge/amount owing on the securities of charge	Import and Inland LC : INR Rs. 45.000 millions Overdraft/STPLR (Within the sub limit of facility 1) : (INR Rs. 45.000 million) OBSI: EURO Rs. 0.500 millions
Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	Hypothecation of the Borrower’s fixed assets morefully described in the Schedule II to the agreement, whether installed or not and whether lying loose or in cases or being on or upon or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or wherever else the same may be or be held by the party to the order or disposition of the Borrower or in the course of transit
Gist of the terms and conditions and extent and operation of the charge.	The above assets hypothecated to the bank as security for the payment by borrower to the bank of all the moneys that may be due and payable by the Borrower to the bank of all the moneys that may be due and payable by the Borrower to the Bank under facilities aggregating INR Rs. 45.000 millions plus Euro Rs. 0.500 millions with all interest, charges, costs and expenses payable to and incurred by the bank in relation thereto
Name and Address and description of the person entitled to the charge.	ABN Amro Bank N V Sakhar Bhavan, Nariman Point, Mumbai-400021, India
Date and brief description of instrument modifying the charge	Dated: 8^th March, 2005 Supplemental Special Hypothecation Agreement
Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.	At the request of the Borrower the bank has agreed to revise/modified the credit facility/ies upto INR Rs. 87.500 millions against hypothecation of borrowers fixed assets including as detailed in the Schedule to the Agreement, whether installed or not and whether now lying loose or in case of being on or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or wherever else the same may be or be held by any party to the order or disposition of the Borrower or in the course of transit Interest at negotiated rate. Thus, the charge now stands secured at INR Rs. 87.500 millions

Corporate identity number of the company	U50100MH1996PTC102299
Name of the company	HYVA INDIA TRANSPORTATION SYSTEMS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot # C 255, MIDC Pawane Village, Navi Mumbai – 400705, Maharashtra, India
This form is for	Modification of charge
Type of charge	Equitable mortgage or mortgage of property by deposition the title deeds
Particular of charge holder	ABN Amro Bank N V Sakhar Bhavan, Nariman Point, Mumbai-400021, Maharashtra, India In.bs.ccc@in.abnamro.com
Date of instrument modifying the charge	18.04.2006
Amount secured by the charge	Rs. 45.000 Millions
Description of the property charged indicating whether it is a charged on	Plant and Machinery
Particulars of the property charged	Plant and Machinery Hypothecation of the borrower’s fixed assets more fully described in the schedule II to the agreement, whether installed or not and whether lying loose or in cases or being on or upon or at any time hereafter during the continuance of this security being on or upon or about the premises and godowns, factory or wherever else the same may be or be held by the party to the order or disposition of the borrow or in the course of transit
Charge identification number of the charge to be modified	90148543
Brief description of the instrument modifying the charge under section 135	Memorandum of entry

Trade Reference:

· Suhail and Company

· Vora Industries

· Swastik Engineers Private Limited

· Weldon Engineers Private Limited

· Excel Engfab Private Limited

· Unique Welding Products Private Limited

· Metcoan Coating and Chemicals

· Intercrome

· Powerlift Equipments Private Limited

Fixed Assets:

· Land

· Leasehold Improvements

· Plant & Machinery

• Building

· Vehicles

· Computers

· Furniture and Fittings

· Electrical Installation

· Tools and Equipments

· Office Equipments

AS PER WEBSITE

PROFILE

Subject is a 100% subsidiary of Netherland based Multinational Company Hyva Group. The Company is dedicated to provide World Class Transport Efficiency Solution to Indian Commercial Vehicle Industry.

HYVA Group started its journey in Alphen aan den Rijn in Netherlands in 1979. Hyva group’s global existence in proven through its strong manufacturing base spread in Netherlands , Germany , Italy , Brazil , China and India .

Subject is recognized as a supplier of quality products marketed through 24 fully owned subsidiaries and 65 dealerships across the globe. Subject products are available in 130 countries across the globe with a customer base of more than 25,000. The group turns over for the year 2006 has been euro 250 m and the group looks forward for quantum growth in coming years.

Subject emerged in Indian Market in 1997 and now spread its wings in 3 manufacturing plant spread in Navi Mumbai, Bangalore and Jamshedpur. In India, the company is a strong brand name for Tipper and Tipper Hydraulics and an automatic choice for all established and emerging Automobile Companies. Hyva Front End and Special Underbody Cylinders are today symbol of

Apart from Tippers, subject also is a ‘one stop shop’ for customers, who want to add value to their trucks by adding hydraulic efficiency to it. Hyva’s global manufacturing capacity of Truck Mounted Crane, Hook Lift System; Moving Floors are at disposal for Indian customers.

In 2006, subject has signed an agreement with England based Dennis-Eagle for producing their Garbage Compactor for Indian and Export market.

Subject is going to start commercial production of Fifth Wheel Coupler in technical collaboration with George Fischer, Germany catering to fastest growing segment of Indian Commercial Vehicle Industry.

Apart from products of its manufacturing bas , Hyva is also representing many leading brands in India, to name a few :

• Hydraulic Tail Lift ( Dhollandia , Belgium )

• Trailer Axle & Suspension ( SAF , Germany )

• Bulk Compressor ( Jin Heung , Korea )

• Power Pack ( OMFB , Italy )

Organization:

Hyva Group is a Professionally Managed organization.

Hyva (India) Private Limited is a family of 500 people across the country.

The whole organization is together at their goal of achieving highest level of customer satisfaction and expanding its business.

After Sales Support & Dealers Network:

Subject is committed to give best of the responses to its customer and presently catering the need of through team of technically sound Service Team. Subject also has got a network of 25 dealers covering almost all part of the country with the commitment of “service from proximity”.

ISO Certification:

Subject Operation has got a Visionary Quality Policy of supplying products of “European Quality at Indian Cost”. In Year 2002, Company acquired ISO 9001:2000 certification and all its 3 manufacturing plant has got the distinction of achieving ISO certification.

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.49.97
UK Pound	1	Rs.75.45
Euro	1	Rs.64.21

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		72

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	Unfavourable & favourable factors carry similar weight in credit consideration. 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
NR		In view of the lack of information, we have no basis upon which to recommend credit dealings	No Rating

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