MIRA INFORM REPORT

Report Date :

03.08.2011

IDENTIFICATION DETAILS

Name :	FORD INDIA PRIVATE LIMITED
Registered Office :	S P Koil Post, Kancheepuram District Chengalpattu – 603204, Tamilnadu
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	09.08.2000
Com. Reg. No.:	18-45537
Capital Investment / Paid-up Capital :	Rs.21220.000 Millions
CIN No.: [Company Identification No.]	U34103TN2000PTC045537
TAN No.: [Tax Deduction & Collection Account No.]	CHEM02210F
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturing and Marketing of Passenger Cars (Ford Ikon)
No. of Employees:	22000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (35)

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

Maximum Credit Limit :	USD 41068360
Status :	Moderate
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Ford Motors USA, an auto giant. It is an established company having moderate track. Indian operations of the company is not doing well. Profitability of the company is under pressure. However, 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

LOCATIONS

Registered Office/ Factory/ Corporate Office :	S P Koil Post, Kancheepuram District Chengalpattu – 603204, Tamilnadu, India
Tel. No.:	91-4114-27454375
Fax No.:	91-4114-27455177
Email :	sramesh4@ford.com
Website :	http://www.india.ford.com
Area :	350 Acres
Location :	Outskirts
Corporate Office - North:	3^rd Floor, Building 10C, DLF Cyber City, DLF Phase – II, Gurgaon – 122002, Haryana, India
Tel. No.:	91-124-3873001
Fax No.:	91-124-3873999
Regional Office :	West 301, Central Plaza, CST Road, Kalina, Santacruz (East), Mumbai – 400098, Maharashtra, India Tel. : 91-22-67024300 Fax: 91-22-67024305 South Block – 1B, 1^st Floor, RMZ Millenia Business Park, 143, Dr. MGR Road, North Veeranam Salai, Perungudi, Chennai – 600096, Tamilnadu, India Tel. : 91-44-24551500 Fax : 91-44-24559965 East 55/55/1, Chowringhee Road, Chowringhee Court, Unit 33, 2^nd Floor, Opp. Nehru Children Museum, Kolkata – 500071, West Bengal, India Tel. : 91-33-40073930-34

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Michael Boneham
Designation :	Managing Director
Address :	No.5, 1^st Floor, Green Cresent Apartment, Archbishop Mathayas Avenue, Chennai-600028, Tamilnadu, India
Date of Birth/Age :	10.08.1957
Date of Appointment :	02.06.2008
Name :	Mr. Kuljit Rana
Designation :	Whole Time Director
Address :	Mayflower Apartment, No.9, Satyanarayana Avenue, R A Puram, Chennai – 28, Tamilnadu, India
Date of Birth/ Age :	13.05.1965
Date of Appointment :	04.06.2009
Name :	Mr. Joseph R Hinrichs
Designation :	Director
Address :	36^th Floor, SIT, 211, Century Avenue, Shanghal -200120
Date of Birth/ Age :	26.12.1966
Date of Appointment :	24.03.2010
Name :	Mr. Dannie Morris
Designation :	Director
Address :	36^th Floor, SIT, 211, Century Avenue, Shanghal -200120
Date of Birth/ Age :	06.03.1956
Date of Appointment :	24.03.2010
Name :	Mr. Tom J. Brewer
Designation :	Director
Address :	39-711, Samakkee Tambol, Bangtalad Amphur, Nonthaburi, Bangkok
Date of Birth/ Age :	05.01.1961
Date of Appointment :	02.06.2008
Date of Ceasing:	24.03.2010
Name :	Mr. John G. Parker
Designation :	Director
Address:	193/82-86, Ratchandapisek Road, Bangkok – 10110, Thailand
Date of Birth/Age :	31.08.1947
Date of Appointment :	27.02.2007
Date of Ceasing :	01.01.2010

KEY EXECUTIVES

Name :	Mr. S Ramesh (Indian)
Designation :	Company Secretary
Address :	No.10 Panchayat Colony, Radha Nagar, Chrompet, Chennai 600 044
Date of Birth/Age :	11.10.1975
Date of Appointment :	10.06.2005

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 30.09.2010)

Names of Shareholders	No. of Shares
Ford Motor Company, USA	178498014
Ford International Services Inc., USa	33701986
Total	212200000

(AS ON 30.09.2010)

Equity Share breakup (percentage of total equity)
Category	Percentage
Foreign Holding (Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas corporate bodies or others)	100.00
Total	100.00

As On (AS ON 30.09.2010)

Names of Allottee	No. of Shares allotted
Ford Motor Company	18926550
Ford International Services Inc., USa	3573450
Total	22500000

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Passenger Cars (Ford Ikon)

GENERAL INFORMATION

No. of Employees :

22000 (Approximately)

Bankers :

Indian Overseas Bank, Nandanar Street, NH-2, Maraimalai Nagar – 603 209, Tamilnadu, India

Facilities :

Secured Loans	31.03.2010 Rs. In millions	31.03.2009 Rs. In millions
Term loans from Banks (Repayable year Rs.595.411 millions)	595.411	1045.463
Cash credit from banks including working capital demand loans (Secured by hypothecation of present and future inventories and book debts)	1485.277	1717.263
Total	2080.688	2762.726

Unsecured Loans :

Secured Loans	31.03.2010 Rs. In millions	31.03.2009 Rs. In millions
Long term loan and advances From Ford Motor Company USA	6785.144	835.300
Short term loans and advances
From Banks	0.000	598.470
Deferred Tax Sales	3770.951	2797.791
Total	10556.095	4231.561

Banking Relations :

--

Auditors :

Lovelock and Lewes

Chartered Accountants, Chennai.

Address:

32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600034, Chennai, Tamilnadu, India

Holding Company :

Ford Motor Company, USA

Associates/Subsidiaries :

NA

CAPITAL STRUCTURE

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.100/- each	Rs.25000.000 millions
50000000	Preferences Share	Rs.100/- each	Rs.5000.000 millions
Total			Rs.30000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
212200000	Equity Shares	Rs.100/- each	Rs.21220.000 millions

NOTE:

Of the above 178,498,014 (Previous year 165,880,314) equity shares are held by Ford Motor Company, USA, the Holding Company 33,701,986 (Previous year-31,319,686) equity shares are held by Ford International Services, USA, a 100% subsidiary of Ford Motor Company, USA

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		21220.000	19720.000	10970.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		10.000	10.000	10.000
4] (Accumulated Losses)		(10962.910)	(9378.680)	(8196.426)
NETWORTH		10267.090	10351.320	2783.574
LOAN FUNDS
1] Secured Loans		2080.688	2762.726	4438.859
2] Unsecured Loans		10556.095	5308.209	4231.561
TOTAL BORROWING		12636.783	8070.935	8670.420
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		22903.873	18422.255	11453.994
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19928.671	8687.655	8603.765
Capital work-in-progress		2301.249	6102.509	1382.903
INVESTMENT		0.000	0.000	0.000
UNIQUE TOOLING – SECURED ADVANCES		515.448	618.593	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	5446.956	2500.049	3693.711
	Sundry Debtors	2413.883	2115.325	2547.567
	Cash & Bank Balances	2499.069	2676.653	1058.109
	Other Current Assets	115.653	161.822	69.506
	Loans & Advances	2346.724	2426.415	1622.560
Total Current Assets		12822.285	9880.264	8991.453
Less : CURRENT LIABILITIES & PROVISIONS
	Sunday Creditors	11909.207	6166.943	6927.357
	Other Current Liabilities	472.748	359.070	445.347
	Provisions	281.825	341.970	153.965
Total Current Liabilities		12663.780	6867.983	7526.669
Net Current Assets		158.505	3012.282	1464.784
MISCELLANEOUS EXPENSES		0.000	1.216	2.542
TOTAL		22903.873	18422.255	11453.994

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		SALES AND OTHER INCOME	24962.400	21196.800	24882.200
	MANUFACTURING, ADMINISTRATIVE AND SELLING EXPENSES		(25472.300)	(21191.800)	(23666.200)
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		(509.900)	5.000	1216.000
	FINANCIAL EXPENSES (NET)		(147.700)	(297.400)	(706.200)
Less:	CAPITALISED		509.600	116.400	48.700
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(301.900)	(176.000)	(558.500)
	DEPRECIATION/ AMORTISATION		(1435.500)	(985.200)	(1049.300)
	PROFIT BEFORE TAX		(1583.500)	(1161.200)	(490.800)
	TAX		(0.700)	(21.000)	(17.600)
	PROFIT AFTER TAX		(1584.200)	(1182.200)	(508.400)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(9378.600)	(8196.400)	(7688.000)
	BALANCE CARRIED TO THE B/S		(10962.900)	(9378.600)	(8196.400)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	(6.35)	(5.58)	(2.04)
Net Profit Margin (PBT/Sales)	(%)	NA	NA	NA
Return on Total Assets (PBT/Total Assets}	(%)	(4.83)	(6.25)	(2.79)
Return on Investment (ROI) (PBT/Networth)		(0.15)	(0.11)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		2.46	0.85	2.70
Current Ratio (Current Asset/Current Liability)		1.01	1.44	1.19

LOCAL AGENCY FURTHER INFORMATION

Business Description

SuSSubject is one of the leading manufacturers of various types of automobiles and automotive parts worldwide. The company offers a range of vehicles under Aston Martin, Ford, Jaguar, Land Rover and Mazda brands. It also provides vehicle insurance, repair and maintenance services. In addition, the company offers a variety of Ford spare parts through a number of authorised service centres. It also offers customer care, roadside assistance and vehicle recovery services.

NEW BUSINESS ACTIVITY

The Company significantly expanded its manufacturing foot print by expanding the vehicle capacity from 100K to 200K. Apart from the above, a new engine manufacturing plant with a capacity of 250K was also established during the year, and assembling of the engines started from January '10.

The Company launched Ford Figo in February 2010, a small car with which, it has started playing in the heart of the Indian Passenger Car market. The Figo has been well received in the market and within 3 months it notched up sales of above 25,000 units.

Fixed Assets:

• Land-Freehold
• Building
• Plant and Machinery
• Computers
• Furniture and Fixtures
• Vehicles

Form 8

Name of the company	FORD INDIA PRIVATE LIMITED
Presented By	David Friedman, Managing Director
1) Date and description of instrument creating the change	Deed of hypothecation dated the 25^th day of April 2005 executed by Ford India Private Limited creating the charge. (therein and hereinafter referred to as “the borrower”) in favour of State Bank of India (thereinafter referred to as “the lender”)
2) Amount secured by the charge/amount owing on the securities of charge	Working Capital Facility of Rs.500.000 Millions (therein and hereinafter referred to as “the loan facility”)
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	1. The whole of borrowers Stock of raw materials, semi finished and finished goods, stores and spares not relating to plant and machinery, which now or hereafter from time to time during this security shall be brought into store or be in or about the Borrower’s godowns or premises at Marai Malai Nagar, or wherever the same may be (including any such goods in course of transit or delivery) are hereby hypothecated to the Bank and its assigns by way of first charge as security for the payment by the borrower to the bank in respect of the said working capital facility together with all interest, discount, commission, charges, costs (between attorney and client) and expenses payable to or incurred by the bank in relation thereto to the extent not disputed by the borrower. 2. That all the borrowers present and future book debts, outstanding moneys receivable, claim, bills, contracts, engagements, securities and investments to the extent not charged to any other lender or of a short term nature shall be hypothecated to the bank and its assigns by way of first charge as security for the payment to the bank on demand of all moneys at any time payable by the bank in respect of said working capital facility together with all interest, discount, commission, charges, costs (between attorney and client) and expenses payable to or incurred by the bank in relation thereto to the extent not disputed by the borrower. (The goods, receivables, and assets reffered to an item 1 and 2 above are hereinafter collectively called “Secured Assets”) 3. That the said goods shall be kept at the borrower’s risk and expense in good condition.
4) Gist of the terms and conditions and extent and operation of the charge.	In the consideration of the lender having agreed to lend and advance to the borrower the working capital facility, agreement and declaration by the borrower, inter alia, as follows: Convenant by the borrower to secure the balance due to bank in the manner set out in the working capital agreement between the borrower and the lender and to comply with the terms and conditions of the said working capital agreement. The said secured assets were thereby hypothecated, inter alia, to the lender, as and by way of first charge as security for and be charged with the balance due to the bank under working capital agreement provided that the charge of the lender on the said secured moveable assets will be.

This form is for	Modification of charge
Charge identification number of the modified	90288420
Corporate identity number of the company	U34103TN2000PTC045537
Name of the company	FORD INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	S P Koil Post, Chengalpattu- 603204, Kancheepuram District, Tamil Nadu, India
Type of charge	Book Debts Movable Property Other
Particular of charge holder	Indian Overseas Bank Nandanar Street, NH-2, Maraimalai Nagar, Tamilnadu- 603204, India E-Mail : mmngrbr@kansco.iobnet.co.in
Nature of description of the instrument creating or modifying the charge	3^rd supplemental hypothecation agreement dated 21.07.2008 to the original hypothecation agreement dated 07.09.2005
Date of instrument Creating the charge	21.07.2008
Amount secured by the charge	Rs.500.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Terms of Repayment As per supplemental dated of hypothecation dated 21.07.2008 and the original hypothecation agreement dated 27.09.2005 Extent and Operation of the charge As per the supplemental deed of hypothecation dated 21.07.2008 and the original hypothecation agreement dated 27.09.2005
Short particulars of the property charged	The whole of borrower’s stock of raw material, goods in process, semi- finished goods, consumable stores and spare not relating to plant and machinery and such other movable, belonging to or in the possession or under the control of the borrower in its factory at SP Koli Post, Chengalpattu or any Godown and all present and future book debts, outstanding monets and receivables, claim, bills, securities and investment to the extent not charge or of a short term nature.
Date of latest modification prior to the present modification	20.03.2008

Corporation identity number or foreign company registrations number of the company	U34103TN2000PTC045537
Name of the company	FORD INDIA PRIVATE LIMITED
Address	S P Koil Post, Chengalpattu- 603204, Kancheepuram District, Tamil Nadu, India
This Form is for	Modification of charge
Type of Charges	Immovable property
Particular of the charge holder	Indan Overseas Bank Limited, Nandanar Street, NH2, Maralmalai Nagar, Tamilnadu-603209
Nature or description of the instrument creating charge	No instrument was execured but on 15.03.2007 a mortgage was created by the company infavour of Indan Overseas Bank by deposit of title deeds with ICICI Bank in respect of company’s immovable properties situated at Klikarabai and Thirukatchur, Chengelpur Taluk, Kancheepuram District in the state of Tamilnadu in order to create a security thereon as tend byway of mortgage by deposit of title deeds pursuant to the resolution passed by the directors of the company on 15.12.2005
Date of the instrument creating charge	15.03.2007
Amount Secure by the charge	Rs.250.000 millions
Brief of the principal terms and conditions and extent and operation of the charge	Rate of interest As stipulated in the loan agreement
Particulars of the Property charged	The company’s immovable poroerties situiated at Kilkaranai and Thirutchur, Chegelpur Taluk, Kancheepuram District in the state of Tamilnadu as defined in the loan agreement and as defined in the memorandum of entry.
Particulars of the present modification	No instrument was executed but on 15.03.2007 a mortgage was created by the company in favour of Indian Overseas Bank by deposit of title deeds with ICICI Bank in respect of company’s immovable properties situated at Klikarabai and Thirukatchur, Chengelpur Taluk, Kancheepuram District in the state of Tamilnadu in order to create a security thereon as tand byway of mortgage by deposit of title deeds pursuant to the resolution passed by the directors of the company on 15.12.2007

Press Releases

Indo-Asian News Service

29 June 2011

Kolkata, June. 29 -- Automotive industry major Ford Motor Company is witnessing a surge in demand for diesel cars in India after the recent hike in petrol prices, an executive of the company said Wednesday. 'We have already witnessed a swing for diesel cars in India. Nationally the demand is 70 percent for diesel cars and 30 percent for petrol cars,' Nigel E. Wark, Ford India Private Limited executive director, marketing, sales and service, told reporters here. The company will focus on launching diesel version of new cars in the future, he said. Wark said the company will launch eight new models by the middle of the decade in the country. 'Between every 12-18 months, a new car will be launched in India. The first new product will be a new Global Fiesta,' he said. He said it was expected that the passenger car industry in the country will grow at the rate of 17 percent this year. 'We want to grow at a faster rate this year than the industry growth rate,' he said. 'India will be an export hub for small cars. We will be exporting Figo from the country,' Wark added. Published by HT Syndication with permission from Indo-Asian News Service.

United News of India

29 June 2011

Kolkata, June. 29 -- As prices of petrol continues to go up accelerating demand for diesel vehicles, Ford India will focus more on diesel platform for its future market. "Petrol prices are becoming high and this has swung the proportion of cars sold in favour of diesel models. Nationally the demand is 70 per cent for diesel cars and 30 per cent for petrol cars," Ford India Private Limited executive director, marketing, Nigel Wark today said. He said eight new models would roll out from the Ford stable by the mid of the decade in the country. "Between every 12-18 months, a new car will be launched in India. The first new product will be a new Global Fiesta," he said. "The upcoming products will be mainly on the diesel platform. This has created a lot of stress to manufacture diesel cars," Mr.Wark said. It was was expected that passenger car industry in the country will grow at the rate of 17 per cent this year, he said. "We want to grow at a faster rate this year than the industry growth rate," he said. Observing that India would be an export hub for small cars, Mr.Wark said the company would export Figo from the country. With a sales figure of 83,000 units in 2010, Ford India has already crossed sales of 58,000 units so far and targets the one-lakh mark this year, he said. Published by HT Syndication with permission from United News of India.

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.44.22
UK Pound	1	Rs.72.09
Euro	1	Rs.62.98

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	2
--LIQUIDITY	1~10	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		35

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.