MIRA INFORM REPORT

Report Date :

04.11.2011

IDENTIFICATION DETAILS

Name :	MITSUBA SICAL INDIA LIMITED
Registered Office :	D8, Sipcot Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	21.11.2000
Com. Reg. No.:	18-046158
Capital Investment / Paid-up Capital :	Rs.1.833 Millions
CIN No.: [Company Identification No.]	U34300TN2000PLC046158
TAN No.: [Tax Deduction & Collection Account No.]	CHEM06861B CHEM02812F
PAN No.: [Permanent Account No.]	AACCM4446M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

B (29)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 7530000
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is a subsidiary of Mitsuba Corporation, Japan. It is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported to be slow. The company can be considered for business dealings with some caution.

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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
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

Management non Co-operative

LOCATIONS

Registered Office :	D8, Sipcot Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu, India
Tel. No.:	91-44-27923501/27922558/27921701
Fax No.:	91-44-27923376
E-Mail :	ramanathan-vs@mitsuba-gr.com

DIRECTORS

As on 31.12.2010

Name :

Mr. Hino Noboru

Designation :

Chairman

Address :

3-13-15 Tsutsumi, Gunma Kiryu City, Japan – 3760042

Date of Birth/Age :

27.11.1937

Date of Appointment :

26.03.2001

DIN No.:

01384643

Name :

Mr. Sekita Shigeo

Designation :

Director

Address :

3-1927-1, Oizumi-Machi Shironouchi, Ora-gun Gumma Pref. Japan – 370-0518

Date of Birth/Age :

19.06.1951

Date of Appointment :

21.05.2008

DIN No.:

02251784

Name :

Mr. Ashwin Chidambaram Muthiah

Designation :

Director

Address :

1-A, Ladyhill Road, No.03-07, Shangri-La Residence, Singapore – 258685

Date of Birth/Age :

01.01.1966

Date of Appointment :

26.03.2001

DIN No.:

00255679

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
L51909TN1955PLC002431	Sical Logistics Limited.	Director	30/06/1987	30/06/1987	26/09/2011	Active	NO
U74999TN1971PTC005996	Iss Sdb Security Services Private Limited	Director	8/06/1991	8/06/1991	9/08/2010	Active	NO
U99000TN1992NPL022201	Mac Spin Foundation	Director	18/02/1992	18/02/1992	-	Active	NO
U35111TN1993PLC024524	Edac Automation Limited	Director	3/03/1993	3/03/1993	25/06/2007	Active	NO
U45201TN1987PLC014584	Edac Engineering Limited	Director	22/03/1993	22/03/1993	14/07/2008	Active	NO
L11101TN1969PLC005778	Southern Petrochemical Industries Corporation Limited	Director	18/12/1994	18/12/1994	-	Active	NO
U63023TN1995PLC032121	Sical Distriparks Limited	Director	12/08/1995	12/08/1995	-	Active	NO
U85110TN1996NPL034997	Acm Medical Foundation	Director	29/03/1996	29/03/1996	-	Active	NO
U73100TN1996NPL034998	Acm Educational Foundation	Director	29/03/1996	29/03/1996	-	Active	NO
U74999TN1998PLC040682	Psa Sical Terminals Limited	Nominee director	18/06/1998	18/06/1998	-	Active	NO
U34300TN2000PLC046158	Mitsuba Sical India Limited	Director	26/03/2001	26/03/2001	-	Active	NO
L23200TN1984PLC010931	Tamilnadu Petroproducts Limited	Nominee director	23/07/2001	23/07/2001	-	Active	NO
U24294TN1998PLC040695	Technip India Limited	Director	24/06/2002	24/06/2002	17/03/2010	Active	NO
U13100TN2006PLC061022	Sical Iron Ore Terminals Limited	Director	5/09/2006	5/09/2006	29/11/2007	Active	NO
U61100TN2006PTC061642	Chennai International Terminals Private Limited	Additional director	16/02/2007	16/02/2007	29/08/2007	Active	NO
U64203TN2007PTC062830	Totalcomm Infra Services Private Limited	Director	23/03/2007	23/03/2007	-	Active	NO
L32201TN1984PLC011434	Spel Semiconductor Limited	Director	26/04/2007	26/04/2007	-	Active	NO
L24119TN1971PLC006083	Tuticorin Alkali Chemicals And Fertilizers Limited.	Director	27/02/2008	27/04/2007	-	Active	NO
L24294TN1986PLC013087	Manali Petrochemicals Limited	Director	1/09/2007	27/04/2007	-	Active	NO
U45203TN2007PLC063432	Sical Infra Assets Limited	Director	23/09/2008	16/04/2008	-	Active	NO

Name :

Mr. Kazumi Umahashi

Designation :

Managing Director

Address :

Flat No.E – 042, Raheja Atlantis, Sector 31/32, Gurgaon – 122001

Date of Birth/Age :

06.04.1955

Date of Appointment :

09.01.2010

DIN No.:

02927534

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34300TN2000PLC046158	Mitsuba Sical India Limited	Managing director	30/06/2010	9/01/2010	-	Active	NO

Name :

Mr. Hoshino Minoru

Designation :

Director - Production

Address :

Tower C -2, Flat No.501, Uniworld City, Sector 30 and 41, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

19.05.1957

Date of Appointment :

27.02.2007

DIN No.:

01356297

Name :

Mr. Itsuo Tomoigawa

Designation :

Director – Engineering/ Purchase

Address :

Brook Land Manor, New Door Nos. 12 and 14, Old Door Nos.3 and 4, 4^th Floor Turnbull Road, Nandanam, Chennai – 600035, Tamilnadu, India

Date of Birth/Age :

26.11.1953

Date of Appointment :

26.05.2009

DIN No.:

02667780

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34300TN2000PLC046158	Mitsuba Sical India Limited	Whole-time director	30/06/2010	26/05/2009	-	Active	NO

Name :

Mr. Jun Aoki

Designation :

Director - Marketing

Address :

Apartment No.F-111, 11^th Floor, Raheja Atlantis, NH-8, Sector 31-32 A, Gurgaon -122001, Haryana, India

Date of Birth/Age :

06.10.1963

Date of Appointment :

26.05.2009

DIN No.:

02667673

Other Directorship :

CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
U34300TN2000PLC046158	Mitsuba Sical India Limited	Whole-time director	30/06/2010	26/05/2009	-	Active	NO

Name :

Mr. Yutaka Nozue

Designation :

Director – Projects

Address :

New No.142, Old No.109, Habibullah Road, T.Nagar, Chennai – 600017, Tamilnadu, India

Date of Birth/Age :

10.05.1955

Date of Appointment :

30.06.2010

DIN No.:

03186805

Name :

Mr. Takumi Tada

Designation :

Director

Address :

Room No.813, Cape Racha Hotel, 35/1, Jerm Jompon Road, T.Sriracha, A. Sriracha, Chonburi – 20110, Thailand

Date of Birth/Age :

11.12.1952

Date of Appointment :

30.06.2010

DIN No.:

03185986

KEY EXECUTIVES

Name :	Mr. V. S. Ramanathan
Designation :	Senior General Manager and Company Secretary
Address :	No.10 – B, RadhaKrishna Street, Thirumangalam Road, Villivakkam, Chennai – 600049, Tamilnadu, India
Date of Birth/Age :	01.09.1957
Date of Appointment :	02.02.2001

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 14.06.2011

Names of Shareholders	No. of Shares
Mitsuba Corporation	183020000
Sicagen India Limited	299930
R. Sivagurunathan	10
S. Chandramohan	10
M. Kumar	10
D. S. Disilva	10
S. Rajappan	10
K. Gopalakrishnan	10
B. Narendran	10
Total	183320000

Equity Share Break up (Percentage of Total Equity)

As on 14.06.2011

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.84
Bodies corporate	0.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles.

Products :

PRODUCT DESCRIPTION	ITEM CODE NO.
Wiper Motor Assembly	8512.4001
Farn Motor Assembly	8708.9900
Washer Motor Assembly	8512.4009
Starter Motor	8511.4000
AC Generator (GF 11 and GF 10)	8511.4000
DC Motor (WR)	8501.3113

PRODUCTION STATUS AS ON 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Wiper motor and assembly	Nos	NA	NA	688
Starter Motor	Nos	NA	NA	2902
Stator assembly	Nos	NA	NA	2877
Fly Wheel	Nos	NA	NA	2854

GENERAL INFORMATION

No. of Employees :

Not Divulged

Bankers :

The Bank of Tokyo – Mitsubishi UFJ Limited, Venkataramana Centre, 563/2, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India

Facilities :

Secured Loan	As on 31.12.2010 (Rs. in Millions)	As on 31.12.2009 (Rs. in Millions)
Term Loans from a bank (secured by the mortgage of immovable assets including factory land and building and hypothecation of movable plant and machinery (existing and future))	105.000	165.000
Working capital facilities from banks (secured by letter of guarantee by Mitsuba Corporation, Japan the Holding Company, hypothecation of current assets and movable plant and machinery (existing and future))	0.000	100.000
Total	105.000	265.000

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountant
Address :	TPL House, II Floor, No. 3, Cenotaph Road, Teynampet, Chennai – 600018, Tamilnadu, India
Tel. No.:	91-44-66328400
Fax No.:	91-44-24311450
PAN.:	AABFS3421N
Fellow Subsidiaries :	· Mitsuba China (Hongkong) Limited · Thaisummit Mitsuaba Electric Manufacturing Company Limited · Mitsuba M-Tech Vietnam Company Limited · Pt Mitsuba, Indonesia · Mitsuba Philipines Corporation · Mitsuba Do Brazil Limited · Corporation Mitsuba De Mexico
Holding Company :	Mitsuba Corporation

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
185000000	Equity Shares	Rs.10/- each	Rs.1850.000 Millions
1000000	Preference Shares	Rs.100/- each	Rs.100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
183320000	Equity Shares	Rs.10/- each	Rs.1833.200 Millions

Note :

Of the above:

a) 183,020,000 (Previous year: 107,020,000) equity shares are held by Mitsuba Corporation, Japan, the Holding Company.

b) 5,999,930 (Previous year: 5,999,930) equity shares of Rs.10 each are allotted as fully paid up pursuant to contracts for consideration other than cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		1833.200	1073.200	253.200
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		265.906	265.906	278.963
4] (Accumulated Losses)		(214.626)	(144.012)	0.000
NETWORTH		1884.480	1195.094	532.163
LOAN FUNDS
1] Secured Loans		105.000	265.000	260.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		105.000	265.000	260.000
DEFERRED TAX LIABILITIES		53.462	54.912	43.176
TOTAL		2042.942	1515.006	835.339
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		802.516	718.338	709.543
Capital work-in-progress		176.869	71.035	8.887
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	581.932	464.941	451.224
	Sundry Debtors	776.765	470.573	274.722
	Cash & Bank Balances	382.915	390.387	19.121
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	241.384	184.317	118.493
Total Current Assets		1982.996	1510.218	863.560
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	871.230	727.557	695.209
	Other Current Liabilities	27.325	41.131	35.594
	Provisions	20.884	15.897	15.848
Total Current Liabilities		919.439	784.585	746.651
Net Current Assets		1063.557	725.633	116.909
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2042.942	1515.006	835.339

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	4034.121	2801.058	1969.799
		Other Income	38.964	53.676	26.320
		TOTAL (A)	4073.085	2854.734	1996.119
Less	EXPENSES
		Raw Material Consumed	3346.217	2409.984	1407.460
		Cost of traded goods sold	135.676	66.988	162.847
		Increase/ Decrease in Stock	18.674	(13.364)	20.087
		Employee Costs	251.469	166.592	130.336
		Operating and Other Expenses	278.104	243.218	302.528
		TOTAL (B)	4030.140	2873.418	2023.258
Less	PROFIT/LOSS BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		42.945	(18.684)	(27.139)
Less	FINANCIAL EXPENSES (D)		17.338	26.686	15.886
	PROFIT/ LOSS BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		25.607	(45.370)	43.025
Less/ Add	DEPRECIATION/ AMORTISATION (F)		97.671	79.490	58.895
	PROFIT/ LOSS BEFORE TAX (E-F) (G)		(72.064)	(124.860)	(101.920)
Less	TAX (H)		1.450	18.445	13.888
	PROFIT/ LOSS AFTER TAX (G-H) (I)		(70.614)	(106.415)	(115.808)
Less	Prior Period Items
		Amortisation of lease hold land	0.000	1.930	0.000
		Depreciation on plant and machinery	0.000	2.290	0.000
		Expenses capitalised in earlier years now reserved	0.000	10.882	0.000
		Deferred tax charge	0.000	30.181	0.000
	Net Loss for the year		(70.614)	(151.698)	(115.808)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(144.012)	13.057	135.885
Less	APPROPRIATIONS
		Dividend on preference Shares	0.000	4.652	6.000
		Tax on Dividend	00.000	0.719	1.020
	BALANCE CARRIED TO THE B/S		(214.626)	(138.641)	(20.077)
	EARNINGS IN FOREIGN CURRENCY
		F O B Value	3.212	14.506	3.168
	TOTAL EARNINGS		3.212	14.506	3.168
	IMPORTS
		Raw Materials	1852.244	1196.895	801.718
		Capital Goods	68.371	95.695	47.314
	TOTAL IMPORTS		1920.615	1292.590	849.032
	Earnings Per Share (Rs.)		(0.58)	(3.00)	(8.02)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	1.73	5.31	5.80
Net Profit Margin (PBT/Sales)	(%)	1.79	6.07	5.17
Return on Total Assets (PBT/Total Assets}	(%)	2.59	5.60	6.48
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.19
Debt Equity Ratio (Total Liability/Networth)		0.54	0.88	1.89
Current Ratio (Current Asset/Current Liability)		2.16	1.92	1.15

LOCAL AGENCY FURTHER INFORMATION

REVIEW OF OPERATIONS

PERFORMANCE OF THE COMPANY

The Turnover of the Company for the year 2010 works out to Rs.4034.120 MillionS as against Rs.2801.060 Millions for the year 2009. The Company incurred a loss after tax and before prior period items of Rs.70.610 Millions for the year 2010. The Company requested Mitsuba Corporation, Japan to waive the royalty payable for the year 2010 in order to reduce the loss and to improve the cash flow of the company. Based on the request of the company, Mitsuba Corporation, Japan waived the royalty payable to them for the year 2010.

BACKGROUND

The Company was incorporated on November 21,2000 as a public limited company uoder the Companies Act, 1956. The Company was incorporated in the State of Tamil Nadu, India. The Company is a subsidiary of Mitsuba Corporation, Japan ('MCJ'). MCJ Japan holds 99% of the share capital of the Company. The Company is engaged in manufacturing, trading and sale of components, parts and accessories forming part of automobiles.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	90287899
Corporate identity number of the company	U34300TN2000PLC046158
Name of the company	MITSUBA SICAL INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	D8, Sipcot Industrial Complex, Gummidipoondi, Chennai – 601201, Tamilnadu, India Email Id :ramanathan-vs@mitsuba-gr.com
Type of charge	Movable Property
Particular of charge holder	The Bank of Tokyo – Mitsubishi UFJ Limited, Venkataramana Centre, 563/2, Anna Salai, Teynampet, Chennai – 600018, Tamilnadu, India Email Id : srinivasan_r@in.mufg.jp
Nature of description of the instrument creating or modifying the charge	Term Loan of Agreement
Date of instrument Creating the charge	20.05.2008
Amount secured by the charge	Rs.556.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Loan : Market Driven Terms of Repayment Loan : Repayable in Four Years after an initial moratorium of One Year Margin As applicable by the Bank sanction and governed from time to time Extent and Operation of the charge Charge over the block assets of the company including all its movable Plant and Machinery (existing and future) to secure the credit facility of Rs.556.000 Millions Others Nil
Short particulars of the property charged	Block assets of the company including all its movable Plant and Machinery
Date of latest modification prior to the present modification	29.12.2006
Particulars of the present modification	This modification is for availment of Fresh Long Term Loan of Rs.236.000 Millions. The existing Short Term Loan of Rs.10.000 Millions, Long Term Loan of Rs.21.000 Millions and Letter of Credit of Rs.10.000 Millions remains unchanged thus the total stands at Rs.556.000 Millions

FIXED ASSETS

· Freehold Land

· Lease hold Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipment

· Computers

· Vehicles

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	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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		29

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.