MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED
Registered Office :	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore-561203, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	05.07.1996
Com. Reg. No.:	08-020766
Capital Investment / Paid-up Capital :	Rs. 49.620 Millions
CIN No.: [Company Identification No.]	U35204KA1996PTC020766
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Automobile Window regulators and Drum Cable
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 1496000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 (GENERAL DETAIL)

Name :	Mr. Shinivas
Designation :	Accountant
Contact No.:	91-80-278329551

LOCATIONS

Registered Office/ Door and Access Division/ Contract Manufacturing Division :	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore-561203, Karnataka, India
Tel. No.:	91-80-22637000
Fax No.:	91-80-27625040
E-Mail :	cjayram@adityaauto.com mktg@adityaauto.com
Website :	www.adityaauto.com
Wiring Harness and Integrated Products division :	179, Bommasandra Industrial Area, Hosur Road, Bangalore – 560099, Karnataka, India
Tel. No.:	91-80-27832955
Fax No.:	91-80-27831103
E-Mail :	mktg@adityaauto.com

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Namasivayam Reguraj
Designation :	Director
Address :	No.7, I Block, 145h cross R.T. Nagar, Bangalore-560032, Karnataka, India
Date of Birth/Age :	07.05.1940
Date of Appointment :	17.08.1998
DIN No.:	00279043
Name :	Mr. William Robert Byass
Designation :	Director
Address :	16, Myrnong Crescent, Toorak, Victoria – 3142, Australia
Date of Birth/Age :	28.10.1949
Date of Appointment :	30.09.2006
DIN No.:	00279207
Name :	Mr. Jayaraman Chandrachudan
Designation :	Director
Address :	727, 5^th A Cross, Yelahanka New Town, Bangalore – 560064, Karnataka, India
Date of Appointment :	30.06.1998
DIN No.:	00296405
Name :	Mr. Sriram Tadimalla
Designation :	Director
Address :	25/1, North Public Square Road, Basavangudi, Bangalore – 560004, Karnataka, India
Date of Birth/Age :	07.04.1948
Date of Appointment :	27.10.2004
DIN No.:	00318089
Name :	Mr. Gisbert Bluemel
Designation :	Director
Address :	Mozartstrasse 8, Offerburg-77654, Germany
Date of Birth/Age :	15.12.1941
Date of Appointment :	30.09.2006
DIN No.:	00318089
Name :	Narasimhan Chakravarthi Srinivasan
Designation :	Director
Address :	7C, Sukhi Apartments, 17, Rhenius Street, Richmond Town, Bangalore – 560025, Karnataka, India
Date of Birth/Age :	28.05.1945
Date of Appointment :	21.08.2004
DIN No.:	00471801
Name :	Ramachandran Jayaraman
Designation :	Director
Address :	417, Faculty Quarters, Indian Institute of Management, Bannerghatta, Bangalore – 560076, Karnataka, India
Date of Birth/Age :	01.06.1957
Date of Appointment :	30.09.2008
DIN No.:	00004593

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Uma Jayaraman	300600
Jayaraman Chandrachudan	2335140
Namasivayam Reguraj	270600
Mihir Jayaraman	300000
Tejas Jayaraman	300000
Rajlakshmi Balasubramanian	300000
R. Nagendran	300000
R. Mahesh	300000
Sujata Srinivasan	30000
Surya Sriram	60000
Chandra Mani	30000
Shailendra Agarwal	15000
Rajesh Nair	8000
S. Suresh	21000
Pratap Rajgopal	8000
Prabhakar Manoli	14000
M. Maheshbabu	6000
Satish Kamath	8000
M. Hrishikesh	3000
M.N. chandrasekhar	3000
B. Ramachandra Babu	5000
V. N. Ravi	4000
William Robert Byass	136830
K. A. Mahesh	4000
Gisbert Bluemel	136830
G. Chandrashekhar	8000
Leena J Mapgaonkar	20000
J. Ramachandran	20000
S. Baskar	6000
G. Rammohan	2000
R. N. Kumarswamy	2000
R. A. Jayarajan	4000
B. Halappa	1000
Total	4962000

AS ON 30.09.2010

Equity share break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	96.00
Other top fifty shareholders	4.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Automobile Window regulators and Drum Cable
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS AS ON (31.03.2010)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wiring Harness and PCB Assemblies	Nos.	2770895	2770895	NA
Parts and Accessories of Automobile Doors	Nos.	2635348	2635348	NA
Components for Window Regulators	Nos.	17180483	17180483	NA

GENERAL INFORMATION

Customers :

End Users

Bankers :

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

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
From Banks
Short Term Loan	139.735	171.229
Bills Discounted	39.804	18.321
Cash Credit (Secured by hypothecation of raw materials, finished goods, work in progress and book debts and collateral security of plant and machinery)	31.483	28.740
Term Loan (Secured by mortgage and hypothecation of entire fixed assets of the company comprising of land and building and plant and machinery. Further, the loan has been secured by way of personal guarantee of two promoter directors of the company) (Repayable within one year Rs. 37.150 Millions; Previous Year – Rs. 10.000 Millions)	107.167	21.667
From others – Car Loans (Secured by hypothecation of vehicles) (Repayable within one Year – Rs. 1.433 Millions; Previous Year – Rs. 1.864 Millions)	3.034	4.298
Total	321.223	244.255
UnSecured Loan	As on 31.03.2010 (Rs. in Millions	As on 31.03.2009 (Rs. in Millions
From Directors	4.594	4.594
Advance against future sales	49.880	26.882
Total	54.474	31.476

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	100/2, Richmond Road, Bangalore – 560025, Karnataka, India
Tel. No.:	91-80-66276000
Fax No.:	91-80-66276011
PAN.:	AACFD3771D
Subsidiaries :	Rehans Graphics Private Limited (U22219KA1990PTC011258)

CAPITAL STRUCTURE

AS ON 30.09.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
5000000	Equity Shares	Rs.10/- each	Rs. 50.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4962000	Equity Shares	Rs.10/- each	Rs. 49.620 Millions

Note:

4962000 equity shares of Rs. 10 each fully paid up (Previous Year 4962000 equity shares of Rs. 10 each fully paid up)

Of the above 2937100 equity shares of Rs. 10 each fully paid up. (Previous Year 2937100 equity shares of Rs. 10 each) were allotted as bonus shares by way of capitalization of General Reserve.

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		49.620	49.620	49.620
2] Share Application Money		0.000	0.502	0.502
3] Reserves & Surplus		324.464	244.010	202.971
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		374.084	294.132	253.093
LOAN FUNDS
1] Secured Loans		321.223	244.255	213.089
2] Unsecured Loans		54.474	31.476	34.961
TOTAL BORROWING		375.697	275.731	248.050
DEFERRED TAX LIABILITIES		25.612	19.130	14.761
TOTAL		775.393	588.993	515.904
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		384.320	395.464	174.537
Capital work-in-progress		50.656	28.883	119.956
INVESTMENT		2.984	2.984	2.984
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	175.643	169.949	117.525
	Sundry Debtors	261.890	132.014	171.492
	Cash & Bank Balances	21.880	2.130	6.278
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	186.481	165.619	125.676
Total Current Assets		645.894	469.712	420.971
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	203.806	136.885	116.745
	Other Current Liabilities	4.904	4.672	6.714
	Provisions	99.751	82.082	79.085
Total Current Liabilities		308.461	223.639	202.544
Net Current Assets		337.433	246.073	218.427
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		775.393	588.993	515.904

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	1294.183	836.026	937.302
		Other Income	25.510	19.603	26.884
		TOTAL (A)	1319.693	855.629	964.186
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1162.967	752.484	812.220
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		156.726	103.145	151.966
Less	FINANCIAL EXPENSES (D)		23.622	26.238	15.920
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		133.104	76.907	136.046
Less/ Add	DEPRECIATION/ AMORTISATION (F)		29.382	23.794	17.127
	PROFIT BEFORE TAX (E-F) (G)		103.722	53.113	118.919
Less	TAX (I)		17.481	6.269	24.757
	PROFIT AFTER TAX (G-I) (J)		86.241	46.844	94.162
	EARNINGS IN FOREIGN CURRENCY
		F O B Value of Exports	524.737	326.477	391.490
	TOTAL EARNINGS		524.737	851.214	717.967
	IMPORTS
		Raw Materials, Components and Spare parts	264.270	181.156	266.294
		Capital Goods	43.292	4.928	9.014
	TOTAL IMPORTS		307.562	186.084	275.308
	Earnings Per Share (Rs.)		17.38	9.44	19.88

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	6.53	5.47	9.76
Net Profit Margin (PBT/Sales)	(%)	8.01	6.35	12.69
Return on Total Assets (PBT/Total Assets}	(%)	10.07	6.14	19.97
Return on Investment (ROI) (PBT/Networth)		0.28	0.18	0.47
Debt Equity Ratio (Total Liability/Networth)		1.83	1.70	1.78
Current Ratio (Current Asset/Current Liability)		2.09	2.10	2.08

LOCAL AGENCY FURTHER INFORMATION

Financial Highlights:

The Directors are delighted to report that the consolidated Gross revenue for the Company crossed the Rs. 1000 million mark in this financial year. The Sales (net of excise) of the Company FY’10 was Rs. 1299 million as against Rs. 836 million in the previous year showing a growth of 55%.

Earnings before interest, tax, depreciation and amortization (EBITDA) stood at Rs. 156.72 million against Rs. 103.14 million in the previous year showing an increase of 52%.

Profit before Tax (PBT) stood at Rs. 103.72 million against Rs. 53.11 million in the previous year an increase of 95% over the previous year.

The Company has earned a et Profit after Tax (PAT) of Rs. 86.24 million as against Rs. 46.8 million in the previous year. Your directors recommend a dividend of 10% (Rs. 1/- per equity share) on the paid-up equity share capital for the year ended 31st March 2010. The dividend, if approved by the shareholders at the ensuing Annual General Meeting shall absorb a sum of Rs.4.962 millions exclusive of Dividend Tax.

Financial year 2010 started against the backdrop of the severe financial crisis that had caused an unprecedented slowdown both in the global and Indian economy. However, mixed global macroeconomic signals and a calibrated impetus by the Indian government in terms of lowering interest rates, improving liquidity and by close monitoring of fuel prices gave the automotive industry a boost.

While the economy posted a remarkable recovery and grew by 7.4%, the automotive industry as a whole grew by an impressive 30% over the previous year. The Passenger Vehicle Industry grew by 26% after flat sales from the previous year and the Commercial Vehicle Industry saw a pronounced swing and grew at 38% after declining 22% in the previous year. Bolstered by these favorable industry trends, the Company’s domestic sales revenue grew by 52% to Rs. 743 million from Rs. 490 million in the previous year.

The Company’s exposure to the export automotive market is currently limited to sale of contract manufactured sub-assemblies and wiring harness assemblies. The Company’s export revenues increased by 59% Rs. 551 million from Rs. 346 million in the previous year.

Passenger vehicle production is expected to grow at 14% CAGR till 2020 and this growth will largely be driven by the small car segment as India is expected to become a global hub for producing small cars to serve both the domestic and export markets. Most carmakers in India have put in substantial investments in capacity considering the robust market growth expected in the coming decade. Commercial vehicle production is expected to grow at 16% CAGR till 2020 and this growth will largely be driven by small commercial vehicles segment (commercial vehicles with capacity of I ton or below).

Going by the results achieved in Fy10 and considering the overall market scenario we expect the growth momentum to continue in the coming years. However, your management has taken a conscious decision of consolidating the businesses during the year Fy11 and prepare the Company for an aggressive growth in the following years based on current order bookings for new programs slated for SOP from Fy12 onwards.

Form 8

Corporate identity number of the company	U35204KA1996PTC020766
Name of the company	ADITYA AUTO PRODUCTS AND ENGINEERING (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot No.13E, KIADB Industrial Area, Doddaballapur, Bangalore-561203, Karnataka, India
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10010644
Type of charge	Immovable Property Book debts Movable Property
Particular of charge holder	Kotak Mahindra Bank Limited, 36-38A, Nariman Bhavan – 227, D, Nariman Point, Mumbai – 400021, Maharasahtra, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation Memorandum of Entry
Date of instrument Creating the charge	2.07.2010
Amount secured by the charge	Rs. 407.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per the Terms and Conditions mentioned in the Sanction Letter dated 17/02/2010 Terms of Repayment As per the Terms and Conditions mentioned in the Sanction Letter dated 17/02/2010 Margin As per the Terms and Conditions mentioned in the Sanction Letter dated 17/02/2010
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First Charge on the entire Fixed Assets belonging to the Company and Second charge on the entire Current Assets belonging to the Company shall secure the Term Loan Facility of Rs. 115.0000 Millions. First Pari Passu charge on all existing and future Current Assets of the Company and; Second Pari Passu charge on all existing and future Fixed Assets of the Company to secure the Working Capital Facility of Rs. 292.000 Millions. The details of the Current Assets are mentioned in the Schedule - III to "Supplemental Deed of Hypothecation" The details of the Immovable Properties are mentioned in the Second Schedule to "Memorandum of Entry"
Date of instrument modifying the charge	18.01.2010
Particulars of the present modification	By the present modification, the overall limit has been enhanced from Rs.355.000 Millions to Rs.407.000 Millions and secured by the Current Assets and Fixed Assets as per the Terms mentioned.

Fixed Assets:

• Tangible Assets
• Land – Free Hold
• Land – Leasehold

• Factory Building
• Plant and Machinery
• Test Lab Equipments
• Moulds and Dies
• Furniture and Fixture
• Office Equipment
• Computers
• Housing Tenement
• Vehicles

Web Details:

Company Profile:

Subject is a privately owned and professionally managed organization, engaged in the design, manufacture and supply of systems & sub-systems to meet the requirements of the growing automotive industry.

Beginning as Autarky Auto in April 1989 and established as Aditya Auto Products in February 1999, they have their headquarters in Bangalore, India. They are partners to leading automakers and global tier-1 auto suppliers all over the world and in India. They work closely with them to conceptualize, design and deliver their products and solutions across the globe.

At Aditya Auto, their core competencies lie in the design and manufacture of a wide range of products and crucial components for leading automobile brands across a large spectrum of vehicles, crafting design prototypes, engineering turnkey solutions besides providing testing & validation services. India is fast emerging as an alliance and outsourcing destination of choice for global automobile majors across the value chain with Contract Manufacturing of auto components constituting a huge and potent revenue model for Indian companies.

Aditya Auto has been proactive in utilizing this opportunity, thanks to the formidable strength the company enjoys in terms of engineering expertise and skilled human resource.

At Aditya Auto, people constitute a vital ingredient in enabling the company to provide the best in products and services, ensuring value for money while maintaining the highest levels of quality.

Their goal is to extend their development and quality leadership even further thereby enhancing their value proposition. With product innovation, cost leadership, cutting edge manufacturing capabilities, strategic investments and above all customer focus, They seek to become the long term partner of choice to leading automakers.

Press Release:

Aditya Auto inks pact with Dura Automotive

BS Reporter / Chennai/ Bangalore April 24, 2007

Bangalore-based auto ancillary firm Aditya Auto Products and Engineering India Pvt Ltd has entered into a technical alliance with the US-based auto parts maker Dura Automotive Systems for automotive technologies.

Dura will supply the technology to Aditya for the manufacture of products like pedals, parking brakes, shifters and spare tyre carriers, while the auto parts will be manufactured at Aditya's plants and supplied to automotive OEMs in India and other Asean countries.

As part of the alliance, Dura will provide designs, intellectual property and technical resources to Aditya in return for a 3 per cent licence fee. In three years, however, the two companies plan to enter into a JV in which Dura will have a 51 per cent stake and Aditya, the rest.

The $2.9 billion Dura Automotive, which recently shut down two plants in N America and filed for Chapter 11 bankruptcy protection in October 2006, said that tying up with an Indian company was part of the company’s strategy to shift to low-cost manufacturing countries.

It also said that it wanted to be part of India’s rapidly-growing car market.

“By 2012 India is projected to be the seventh largest automobile producer in the world. The size will be about 3 million cars per annum and we want our components to be used in every car produced in India,” Dura’s CEO and chairman president Lawrence A Denton said.

"The share of our customers in the US, like GM and Ford is shrinking, so we think it will be easier to grow with new customers in the Indian markets," he added.

Dura is also looking at introducing some new concepts in India like expandable luggage compartments in cars and sliding doors.

“Not only are we going to provide technology to Aditya, we are also looking at setting up an engineering technology centre here, but things are in a very nascent stage. So we cannot say by when we will set it up,” Denton added.

Aditya recorded sales of Rs 725.000 Millions in fiscal 2006-07 and supplies auto parts to companies like Eicher, Mahindra and Maruti Suzuki. It has four manufacturing units.

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.49.37
UK Pound	1	Rs.78.49
Euro	1	Rs.67.59

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		54

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.