MIRA INFORM REPORT

Report Date :

19.01.2011

IDENTIFICATION DETAILS

Name :	TATA TOYO RADIATOR LIMITED
Registered Office :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune-411027, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	18.08.1997
Com. Reg. No.:	11-110139
CIN No.: [Company Identification No.]	U99999PN1997PLC110139
TAN No.: [Tax Deduction & Collection Account No.]	PNET01176A
PAN No.: [Permanent Account No.]	AAACT5566F
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Radiatos Intercoolers Heater Core

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 3000000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Dipankar Bannerjee
Designation :	Chartered Accountants
Contact No. :	91-9881715495
Date :	18.01.2011

LOCATIONS

Registered Office :	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune-411027, Maharashtra, India
Tel. No.:	91-20- 66524100/153/181/22932196/66524201
Mobile No.	91-9881715495 (Mr. Dipankar Banerjee)
Fax No.:	91-20-2932196/22724096
E-Mail :	Venkatesh.prabhu@tatatoyo.com tatatoyo@tatatoyo.com tanuja.sardesai@tatatoyo.com
Website :	www.tatatoyo.com
Area:	10000 sq. ft.
Location :	Owned
Factory 1 :	Back House, 1^st Floor, Off. Law College Road, Erandwana, Pune - 411 004, Maharashtra
E-Mail :	SBM@taco.gnpun.globalnet.ems.vsnl.net.in

DIRECTORS

As On 14.05.2010

Name :	Mr. Seisuke Sumimoto
Designation :	Director
Address :	5 – Chome Kugahare 8-23-201, Ola-KU, Tokyo, Japan
Date of Birth/Age :	14.07.1968
Date of Appointment :	17.07.2009
DIN No.:	02723642
Name :	Mr. Arvind H. Goyal
Designation :	Director
Address :	Flat No. 6, Pranti Apartment, Baner Road, Ganesh Khind, Pune, Maharashtra, India
Date of Birth/Age :	13.10.1957
Date of Appointment :	30.12.2008
DIN No.:	02300813
Name :	Mr. Atam P. Arya
Designation :	Director
Address :	G – 1, Nidhi Road, Nidhi Golmuri Post
Date of Birth/Age :	15.10.1947
Date of Appointment :	30.12.2008
DIN No.:	00020001
Name :	Mr. Praveen P. Kadle
Designation :	Chairman
Address :	224, NCPA Appartment, Nariman Point, Mumbai, Maharashtra, India
Date of Birth/Age :	21.01.1957
Date of Appointment :	01.04.2009
DIN No.:	00016814
Name :	Mr. Yasutomo Nakaie
Designation :	Director
Address :	1-02-103 Kamicho, Kohokuku, Yokohama Shi, Kangawa, Predecture – 2220033, Japan
Date of Birth/Age :	01.06.1951
Date of Appointment :	28.07.2006
DIN No.:	00794641
Name :	Mr. Shimada kota
Designation :	Director
Address :	2-19-2, Kamitsuruma Honcho, Sagamihara-Shi, Kanagawa, Japan
Date of Birth/Age :	19.01.1968
Date of Appointment :	17.07.2009
DIN No.:	02771993
Name :	Mr. Katsutoshi Nishi
Designation :	Director
Address :	2-2-8-103, Tairamachi, Meguro-ku, Tokyo
Date of Birth/Age :	22.08.1970
Date of Appointment :	25.07.2008
DIN No.:	02434918
Name :	Mr. Ashutosh Y. Tyagi
Designation :	Director
Address :	Bunglow 09, Greenland Society, B R Sroff Road, Chembur, Mumbai-400071, Maharashtra, India
Date of Birth/Age :	02.04.1974
Date of Appointment :	08.06.2007
DIN No.:	00044751
Name :	Mr. Kiyoshi Ogihara
Designation :	Alternate Director
DIN No. :	01348370
Name :	Mr. Shinichi Yoshida
Designation :	Alternate Director
Address :	C/o. Mr. Gidwani, Flat No. D – 502, Mantri Lawns, Anand Park, Pune – 411007, Maharashtra, India
Date of Appointment :	30.08.2005
Name :	Mr. Nagarajan Viswanathan
Designation :	Additional Director
Address :	B – 1703, Chaitanya Towers, Dr. Appasaheb Marathe Marg, Prabhadevi, Mumbai – 400025, Maharashtra, India
Date of Appointment :	23.09.2005
Name :	Mr. Rajendra R Bhinge
Designation :	Director
Address :	17, Shashidhar, Dr. Rajabali Patel Lane, Off. Bhulabhai Desai Road, Mumbai – 400026, Maharashtra, India
Date of Appointment :	21.06.2005

KEY EXECUTIVES

Name :	Mr. Ravi Chindambar
Designation :	Chief Executive Officer and Manager
Address :	12C, Goodwill Co-operative Society, ITI Road, Audh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	01.08.1968
Date of Appointment :	15.07.2008
Pan No.:	AAQPC0439D
Name :	Ms. Tanuja J. Sardesai
Designation :	Company Secretary
Address :	F 10, Ronak Apartment, Rambaug Colony, Kothurd, Pune, Maharashtra, India
Date of Birth/Age :	25.03.1981
Date of Appointment :	07.02.2009
Pan No.:	AJLPR7805G

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As On 14.05.2010

Names of Shareholders	No. of Shares
Tata Auto Comp Systems Limited - India	16319400
T Rad Company Limited - Japan	12880000
Mitsubishi Corporation Unimetals Limited - Japan	2800000
Tata Auto Comp Systems Limited jointly with Mr. Ajay Sharma – India	300
Tata Auto Comp Systems Limited Jointly with Mr. Noshir Driver – India	100
Tata Auto Comp Systems Limited jointly with Mr. R R Shastri – India	100
Tata Auto Comp Systems Limited Jointly with Mr. R S Thakur – India	100
Total	32000000

As On 14.05.2010

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		49.00
Bodies corporate		51.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Radiatos Intercoolers Heater Core

Products :

Product Description	ITC Code
Aluminium Radiators and Inter Coolers	870859100

Exports :

Products :

Radiators Core

Countries :

• Australia
• Taiwan
• Korea
• Japan
• Thailand

Imports :

Products :

• Aluminium Sheet
• Aluminiuum Extruded Tubes

Countries :

• China
• Germany

• Japan

• Thailand

Terms :

Selling :

L/C, Cash /and Credit (30 to 60 to 90 Days)

Purchasing :

L/C, Cash /and Credit (30 to 60 to 90 Days)

PRODUCTION STATUS (As On 31.03.2010)

Particulars	Unit	Installed Capacity	Actual Production
Aluminium Radiators	Nos	1350000	1062618
Aluminium Intercoolers	Nos	450000	312335
Heater Cores	Nos	750000	618305

GENERAL INFORMATION

Customers :

• OEM’s
• Retailers
• End Users

No. of Employees :

950 (Approximately)

Bankers :

· State Bank of India - Industrial Finance Branch, Tara Chambers, 1^st Floor, Old Pune Mumbai Road - Wakdewadi, Pune – 411003, Maharashtra, India

· The Bank of Tokyo Mitsubishi UF Limited - Hoechst House,15^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India

· Indian Bank - Deccan Gymkhana Branch, Pune – 411004, Maharashtra, India

Facilities :

Secured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Term Loans from Bank (secured by way of hypothecation of plant and machinery (first charge) and equitable mortgage on pari passu basis on immovable property of the company) [amount repayable within one year Rs. 107.500 millions (previous year Rs. 107.500 millions]	268.750	376.250
Working Capital Facilities form Banks [Secured by way of hypothecation charge on entire current assets of the company on pari passu basis and second charge on fixed assets (hypothecation and equitable mortgage) of the company]	--	41.084
Total	268.750	417.334

Unsecured Loans	31.03.2010 Rs. In Millions	31.03.2009 Rs. In Millions
Buyers Credit	25.831	26.485
Total	25.831	26.485

Banking Relations :	Satisfactory
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	“Mutha Towers” 5^th Floor, Suite No. 8, Airport Road, Yerwada, Pune – 411006, Maharashtra, India
Pan No. :	AAEFP5579P
Holding Company :	Tata Auto Comp Systems Limited U34100MH1995PLC093733
Associates/Subsidiaries :	· T. Rad Company Limited · Automotive Composite Systems (International) Limited · Automotive Stamping and Assemblies Limited · Mitsubhishi Corporation Unimetals Limited · Tata Yazaki Autocomp Private Limited · Tata Visteon Automative Private Limited (upto 15.02.2010) · Tata Ficosa Automative Systems Limited

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
32000000	Equity Shares	Rs. 10/- each	Rs. 320.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value		Amount
32000000	Equity Shares	Rs. 10/- each	Rs. 320.000 Millions

Notes:

(Out of the above, 16320000 Equity Share are held by Tata Auto Comp Systems limited, the holding company)

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		320.000	320.000	320.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		437.675	350.933	307.367
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		757.675	670.933	627.367
LOAN FUNDS
1] Secured Loans		268.750	417.334	566.776
2] Unsecured Loans		25.831	26.485	0.000
TOTAL BORROWING		294.581	443.819	566.776
DEFERRED TAX LIABILITIES		63.844	73.639	40.581
TOTAL		1116.100	1188.391	1234.724
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		859.770	913.990	765.540
Capital work-in-progress		73.652	66.365	100.074
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	260.357	217.643	314.981
	Sundry Debtors	463.798	318.858	509.789
	Cash & Bank Balances	101.037	29.619	96.341
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	139.691	190.473	222.339
Total Current Assets		964.883	756.593	1143.450
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	565.133	400.119	502.486
	Other Current Liabilities	50.454	50.564	163.940
	Provisions	166.618	97.874	107.914
Total Current Liabilities		782.205	548.557	774.340
Net Current Assets		182.678	208.036	369.110
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1116.100	1188.391	1234.724

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4109.210	3122.943	3321.081
		Other Income	33.505	32.010	31.264
		TOTAL (A)	4142.715	3154.953	3352.345
Less	EXPENSES
		Materials consumed and manufacturing expenses	2749.570	2105.584	2294.747
		Personnel cost	205.475	176.734	146.256
		Administrative and other expenses	421.260	375.778	398.296
		Prior period items	0.000	0.000	7.728
		TOTAL (B)	3376.305	2658.096	2847.027
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		766.410	496.857	505.318
Less	FINANCIAL EXPENSES (D)		36.871	63.462	60.897
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		729.539	433.395	444.421
Less/ Add	DEPRECIATION/ AMORTISATION (F)		172.334	133.291	113.301
	PROFIT BEFORE TAX (E-F) (G)		557.205	300.104	331.120
Less	TAX (I)		189.674	106.784	130.133
	PROFIT AFTER TAX (G-I) (J)		367.531	193.320	200.987
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		234.317	210.083	178.948
Less	APPROPRIATIONS
		Interim dividend	128.000	64.000	96.000
		Dividend tax on interim dividend	21.754	10.877	16.315
		Proposed dividend	112.000	64.000	32.000
		Dividend tax on the above	19.034	10.877	5.438
		Transfer to general reserve	36.753	19.332	20.099
	BALANCE CARRIED TO THE B/S		284.307	234.317	210.083
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	80.967	64.431	72.603
	TOTAL EARNINGS		80.967	64.431	72.603
	IMPORTS
		Raw Materials	176.079	330.794	514.597
		Stores, Spares and Components	19.651	57.102	77.501
		Capital Goods	33.511	128.725	124.104
		Others	9.182	0.572	0.826
	TOTAL IMPORTS		238.423	517.193	717.028
	Earnings Per Share (Rs.)		11.49	6.04	6.28

Expected Sales (2010-2011) : Rs.5000.000 millions

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	8.87	6.13	5.99
Net Profit Margin (PBT/Sales)	(%)	13.56	9.62	9.97
Return on Total Assets (PBT/Total Assets}	(%)	30.54	17.96	17.35
Return on Investment (ROI) (PBT/Networth)		0.74	0.45	0.53
Debt Equity Ratio (Total Liability/Networth)		1.42	1.48	2.14
Current Ratio (Current Asset/Current Liability)		1.23	1.38	1.48

LOCAL AGENCY FURTHER INFORMATION

Details of Sundry Creditors:

Particulars	31.03.2010 (Rs. in millions)	31.03.2009 (Rs. in millions)	31.03.2008 (Rs. in millions)
Due to Micro, Small and Medium Enterprises	6.829	6.542	6.542
Due to Others	558.304	393.577	393.577

Contingent Liabilities:

Rs. In Millions

Sr. No	Particulars	As at 31.03.2010
a.	Bills Discounted (with recourse)	838.413
b.	Claims against the Company, not acknowledged as Debts	--
c.	Sales Tax Matters	2.512
d.	Income Tax matters	32.974
e.	Customs Duty Matters	1.605
f.	Excise related matters	0.951

Trade Reference:

· Seed Healthcare Solutions Private Limited, Pune

· Vasant Industries, Pune

Fixed Assets:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Office Equipments

· Furniture and Fixtures

· Tooling

· Vehicles

· Computer Software

Form 8:

Name of the company	TATA TOYO RADIATOR LIMITED
Presented By	Indian Bank, Deccan Gymkhana Branch, Pune-411004, Maharashtra, India
1) Date and description of instrument creating the change	Agreement of Irrevocable Letter of Credit (0-48) and Agreement for hypothecation of goods received under advance payment of guaranteed/LC etc. (0-73) both the documents dated 19.02.2005 (Both the documents to create a SINGLE CHARGE).
2) Amount secured by the charge/amount owing on the securities of charge	Rs. 5.000 millions (Rupees Five Millions only)
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given	All the goods now tying or hereafter stored at the godowns and yards and premises in 235/245, Hinjewadi, or lying at any other godown, wheresoever or in respect of which the Borrower can make any deposit, pledge, hypothecation or charge whereever they may be and br received at all times and from time to time as per arrangements herein entered, the borrower hereby agrees to hypothecate goods and therefore the me are hereby hypothecated and charged to the Bank by way of first charge and the term word ‘goods’ occurring in the clauses in this agreement shall wherever the contexdt so require mean and include goods covered by the documents of title to goods covered by such documents.
4) Gist of the terms and conditions and extent and operation of the charge.	Rate of Interest, 4.QO%aboye BPLR with minimum of 15% pa. or at such rates stipulated by RBl / Bank to be calculated on a daily balance and charged against the account of the borrower on the last day of the english ‘- calendar quarter so long as the account will remain and shall be paid by the Borrower on demand by the bank. Other terms and conditions as per clause Os. 1 to 15 of Agreement of Irrevocable Letter of Credit and causes Nos. to 26 of Agreement of hypothecation of goods received under advance payment of guarantee/LC etc.
5) Name and Address and description of the person entitled to the charge.	Indian Bank, Deccan Gymkhana Branch, Pune-411004, Maharashtra, India
6) Date and brief description of instrument modifying the charge	Not Applicable
7) 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.	Not Applicable

This form is for	Modification of charge
Charge identification number of the modified	10030759
Corporate identity number of the company	U99999PN1997PLC110139
Name of the company	TATA TOYO RADIATOR LIMITED
Address of the registered office or of the principal place of business in India of the company	Survey No. 235/245, Village Hinjewadi, Taluka Mulshi, District Pune-411027, Maharashtra, India
Type of charge	Book Debts Movable Property Floating Charge Others
Particular of charge holder	State Bank of India, Industrial Finance Branch, Tara Chambers, 1^st Floor, Old Pune Mumbai Road, Wakdewadi, Pune-411003, Maharashtra, India
Nature of description of the instrument creating or modifying the charge	Letter of Satisfaction dated January 09, 2008 of corporate loan of Rs. 200.000 Millions forming part of the said charge
Date of instrument Creating the charge	09.01.2008
Amount secured by the charge	Rs. 420.700 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest @ 1.50% Below SBAR with a Minimum of 10.75% p.a. with monthly rests. Terms of Repayment Payable on demand or on Renewal Margin As may be decided by the bank from Time to time Extent and Operation of the charge Reduction in credit facility from Rs. 620.000 Millions to Rs. 420.000 Millions
Short particulars of the property charged	Entire Current Assets as per Records maintained at the Registered office Pune
Date of latest modification prior to the present modification	07.03.2007
Particulars of the present modification	Reduction of loan form Rs. 620.700 Millions to Rs. 420.700 Millions by repayment of corporate loan of Rs. 200.000 Millions

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 records 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.45.53
UK Pound	1	Rs.72.56
Euro	1	Rs.60.62

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
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
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.