MIRA INFORM REPORT

Report Date :

13.08.2012

IDENTIFICATION DETAILS

Name :	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED
Formerly Known As :	METZELER AUTOMOTIVE INDIA PRIVATE LIMITED
Registered Office :	301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001
Country :	India
Financials (as on) :	31.12.2011
Date of Incorporation :	04.09.1963
Com. Reg. No.:	55-004019
Capital Investment / Paid-up Capital :	Rs.225.547 Millions
CIN No.: [Company Identification No.]	U34102DL1963PTC004019
TAN No.: [Tax Deduction & Collection Account No.]	DELM08055F
PAN No.: [Permanent Account No.]	AAACW0019N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturers, Exporters and Importers of and Dealers in Sheet Metal (Ferrous and Non - Ferrous) and Sheet Metal Articles of all Kinds
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (39)

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

Maximum Credit Limit :	USD 2400000
Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a subsidiary of Cooper Standard Automotive INC. USA. It is an established company having moderate track record. There appears some accumulated losses recorded by the company. However financially company is improving and slowly wiping out it losses. Trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A (Long term rating)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	March, 2011

Rating Agency Name	ICRA
Rating	A1 (Short term rating)
Rating Explanation	Having strong degree of safety regarding timely payment of financial obligation it carry lowest credit risk.
Date	March, 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001, India
Tel. No.:	91-11-23712804
Mobile No.:	Not Available
Fax No.:	91-11-23357097
E-Mail :	sidhartha.rastogi@maps-in.com

DIRECTORS

As on 31.03.2011

Name :

Mr. Ravi Shankar Gupta

Designation :

Director

Address :

A 73/3, SFS Flats, Saket, New Delhi, India

Date of Birth/Age :

25.04.1956

Qualification:

B.E.

Experience :

28 Years

Date of Appointment :

05.07.1999

DIN No.:

00100578

Name :

Mr. Prasant Kumar Sengupta

Designation :

Director

Address :

B – 153 Sector 14, Noida-201301, Uttar Pradesh, India

Date of Birth/Age :

01.06.1944

Date of Appointment :

27.06.2005

DIN No.:

00121007

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U19202DL1993PTC052247	FILA SPORT INDIA PRIVATE LIMITED	Director	26/06/1997	26/06/1997	-	Active	NO
2	U74999DL2001PTC111414	STANADYNE SYSTEMS PVT. LTD	Director	25/06/2001	25/06/2001	-	Strike off	NO
3	U34102DL1963PTC004019	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED	Alternate director	29/06/2005	29/06/2005	-	Active	NO
4	U74210DL2007PTC158478	HEINKEL AERO ENGINEERING INDIA PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Under Process of Striking off	NO
5	U72300DL2007PTC162723	TECHNOVA EQUIPMENTS PRIVATE LIMITED	Director	30/04/2007	30/04/2007	16/08/2010	Active	NO
6	U74210KA2007PTC043176	CEBENETWORK CADES ENGINEERING INDIA PRIVATE LIMITED	Director	19/06/2007	19/06/2007	-	Under Process of Striking off	NO
7	U74900PN2008FTC139492	ETEM COMPOSITE MATERIALS INDIA PRIVATE LIMITED	Director	11/04/2008	11/04/2008	05/07/2011	Active	NO

Name :

Alessandro d’ Arcano

Designation :

Director

Address :

V. Giusti Li, 10121, Torino, Italy

Date of Birth/Age :

21.05.1961

Date of Appointment :

29.06.2005

Din No.:

00235315

Name :

Nobuyunki Shimizu

Designation :

Director

Address :

10-9 Hattan, Moriyama,-KU Nagoya City Aichi Pref - 4528564

Date of Birth/Age :

26.09.1951

Date of Appointment :

31.03.2009

Din No.:

02575765

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U25111KA1998PTC024273	TG KIRLOSKAR AUTOMOTIVE PRIVATE LIMITED	Nominee director	27/07/2012	05/02/2009	-	Active	NO
2	U28111RJ2008PTC026385	TOYODA GOSEI MINDA INDIA PRIVATE LIMITED	Director	17/11/2011	10/02/2009	-	Active	NO
3	U34102DL1963PTC004019	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED	Director	31/03/2009	31/03/2009	-	Active	NO

Name :

Hidetaka Fukamachi

Designation :

Alternate Director

Address :

1-38-9, Hikarigaoka, Komako, Aichi, Japan-4850811

Date of Birth/Age :

02.07.1957

Date of Appointment :

29.06.2010

Din No.:

02953932

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28111RJ2008PTC026385	TOYODA GOSEI MINDA INDIA PRIVATE LIMITED	Managing director	10/11/2011	02/04/2010	-	Active	NO
2	U34102DL1963PTC004019	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED	Alternate director	29/06/2010	29/06/2010	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Siddhartha Rastogi
Designation :	Secretary
Address :	109, Siddharth Niketan, Kaushambi, Sector-14, Ghaziabad, Uttar Pradesh, India
Date of Birth/Age :	25.10.1979
Date of Appointment :	15.10.2005
Pan No.:	AGYPR9420K
Name :	Mr. Bimal Luthra
Designation :	Chief Financial Officer
Date of Birth/Age :	51 Years
Qualification:	C. A.
Experience :	24 Years
Date of Appointment :	01.08.2011

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2011

Names of Shareholders	No. of Shares
Toyoda Gosei Company Limited, Japan	586421
Cooper Standard Automotive Inc., USA	1669046
Total	2255467

Equity Share Break up (Percentage of Total Equity)

As on 31.03.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturers, Exporters and Importers of and Dealers in Sheet Metal (Ferrous and Non - Ferrous) and Sheet Metal Articles of all Kinds
Products :	· Aluminium and Steel Hinges · Tower Bolts and Other Hardware Items · Automatic Door Closer · Galvanised and Aluminium Buckets, etc

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Union Bank of India, Industrial Finance Branch, M-11, 1^st Floor, Middle Circle, Connaught Circus, New Delhi – 110001,India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.12.2011	As on 31.12.2010
Other debt secured	^(A)91.128	^(B)76.834
Total	91.128	76.834
Unsecured Loan	As on 31.12.2011	As on 31.12.2010
Rupee term loans banks unsecured	20.000	12.500
Total	20.000	12.500

Note:

(A) Cash Credit facilities Secured by first charge over all present and future goods, all tangible movable machineries and book debts.

(B) Cash Credit facilities Secured by first charge over all present and future goods, all tangible movable machineries and book debts.

Banking Relations :	--
Financial Institution:	The Pradeshiya Industrial and Investment Corporation of UPL, Picup Bhawan, Gomit Nagar, Lucknow, Uttar Pradesh, India
Auditors :
Name :	S.R. Batliboi and Company Chartered Accountants
Address :	Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon-122002, Haryana, India
Tel. No.:	91-124-4644000
Fax No.:	91-124-4644050
PAN No.:	AALFS0506L
Holding company :	Cooper Standard Automotive Inc., U.S.A.
Associates:	Toyoda Gosei Company Limited, Japan
Fellow subsidiaries:	· Cooper Standard Automotive SPA, Italy · Toyota Tsusho Corporation, Japan · Cooper Standard Automotive Polska Sp z.o.o (Poland) · Toyota Tsusho India Private Limited · Toyotsu Chemiplas Corporation – Japan · Metzeler Automotive Profiles, Lindau

CAPITAL STRUCTURE

As on 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
2400000	Equity Shares	Rs.100/- Each	Rs.240.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2255467	Equity Shares	Rs.100/- Each	Rs.225.547 Millions

Note:

2,255,467 Equity Shares of Rs. 100, each fully paid up: 225546700 of the above:

(i) 1,669,046 Equity shares are held by Cooper Standard Automotive Inc., USA, Holding Company.

(ii) 586,421 Equity shares are held by Toyoda Gosei Company Limited, Japan.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		225.547	225.547	225.547
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		615.743	615.974	616.214
4] (Accumulated Losses)		(237.886)	(291.211)	(368.206)
NETWORTH		603.404	550.310	473.555
LOAN FUNDS
1] Secured Loans		91.128	76.834	0.000
2] Unsecured Loans		20.000	12.500	12.500
TOTAL BORROWING		111.128	89.334	12.500
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		714.532	639.644	486.055
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		522.198	463.716	362.902
Capital work-in-progress		87.282	39.152	71.284
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		5.606	1.137	13.220
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	249.228	177.789	170.543
	Sundry Debtors	433.033	397.032	255.518
	Cash & Bank Balances	31.102	59.102	45.173
	Other Current Assets	88.249	48.972	3.015
	Loans & Advances	80.022	69.000	67.089
Total Current Assets		881.634	751.895	541.338
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	654.244	436.162	356.861
	Other Current Liabilities	49.742	99.297	110.767
	Provisions	78.202	80.797	35.061
Total Current Liabilities		782.188	616.256	502.689
Net Current Assets		99.446	135.639	38.649
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		714.532	639.644	486.055

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	3028.700 (Gross)	2486.225	1743.085
		Other Income	N.A	30.692	24.996
		TOTAL (A)	N.A	2516.917	1768.081
Less	EXPENSES
		Raw Material Consumed		1408.090	981.227
		Cost of Goods Sold Tooling		91.622	49.741
		Manufacturing Coast		263.869	185.518
		Personnel Expense		329.435	231.382
		Operating and other expense		245.364	176.636
		Increase / Decrease in inventories		(18.472)	(3.083)
		TOTAL (B)	N.A	2319.908	1621.421
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		228.920	197.009	146.660
Less	FINANCIAL EXPENSES (D)		20.214	15.376	13.058
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		208.706	181.633	133.602
Less/ Add	DEPRECIATION/ AMORTISATION (F)		81.901	64.364	50.931
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		126.805	117.269	82.671
Less	TAX (H)		36.902	40.274	(12.615)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		89.903	76.995	95.286
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(291.211)	(368.207)	(463.493)
	BALANCE CARRIED TO THE B/S		(201.308)	(291.212)	(368.207)
	EARNINGS IN FOREIGN CURRENCY		48.378	NA	80.159
	IMPORTS
		Raw Materials	637.440	NA	389.642
		Stores & Spares	50.157	NA	0.310
		Capital Goods	38.945	NA	57.938
	TOTAL IMPORTS		726.542	NA	447.890
	Earnings / (Loss) Per Share (Rs.)		39.86	34.14	42.25

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	N.A	3.06	5.39
Net Profit Margin (PBT/Sales)	(%)	4.19	4.72	4.74
Return on Total Assets (PBT/Total Assets}	(%)	9.03	9.65	9.14
Return on Investment (ROI) (PBT/Networth)		0.21	0.21	0.17
Debt Equity Ratio (Total Liability/Networth)		1.48	1.28	1.09
Current Ratio (Current Asset/Current Liability)		1.13	1.22	1.07

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	No
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--------
22]	Litigations that the firm / promoter involved in	--------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	---------
26]	Buyer visit details	---------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U34102DL1963PTC004019
Name of the company	METZELER AUTOMOTIVE PROFILES INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	301-302, Tolstoy House, 15, Tolstoy Marg, New Delhi-110001, India Email: sidhartha.rastogi@maps-in.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	80021798
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Current and Fixed Assets
Particular of charge holder	Union Bank of India, Industrial Finance Branch, M-11, 1^st Floor, Middle Circle, Connaught Circus, New Delhi-110001, India Email: ifbcp@unionbankofindia.com
Nature of instrument creating charge	Composite hypothecation deed (SD 20) current assets Hypothecation agreement of goods and book debts (SD 06) Composite hypothecation deed (SD 20) fixed assets
Date of instrument Creating the charge	19.10.2011
Amount secured by the charge	Rs.240.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Base Rate +3.75% presently effective @13.25% p.a. on monthly rest or such other rate (s) specified by the bank from time to time. Terms of Repayment on demand Margin Cash credit (Stocks and Book-debts) -25% LC-25% BG-10% Extent and Operation of the charge 100% First exclusive charge Others Inland/Import L/C ( DA/DP 90 Days ) Rs.50.000 Millions Bank Guarantee Rs.40.000 Millions Cash Credit Rs.150.000 Millions W/W packing credit/FDBP/FUDBP Rs. (10.000) Millions Letter of Comfort Rs. (40.000) Millions Total Rs.240.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	First exclusive charge on entire current assets comprising any kind of stocks of raw materials, stock in progress, semi finished goods and finished goods such as weather strips, engine mountings, Packing materials, consumable stores, movable assets, spares and stock in trade, goods in transit etc. both present and future. First charge on all the book-debts, outstanding, monies, receivables, claims, bills, contracts, engagements and securities etc. both present and future. First charge on all the tangible movable machineries, plant and machinery, fixtures, fittings, other installations and all other fixed assets of the company both present and future. Equitable mortgage of factory land and building at plot No.24-A Link Road, Site No.-4 Industrial Area Sahibabad District Ghaziabad U.P.
Particulars of the present modification	Credit facilities sanctioned to the company now enhanced to Rs.240.000 Millions as under :- Inland/Import L/C( DA/DP 90 Days ) Rs.50.000 Millions Bank Guarantee Rs.40.000 Millions Cash Credit Rs.150.000 Millions W/W packing credit/FDBP/FUDBP Rs.(10.000) Millions Letter of Comfort Rs. (40.000) Millions Total Rs.240.000 Millions

PERFORMANCE OF THE COMPANY

The Company have achieved the record sales of 3028.70 Million as compared to 2683.88 Million in the previous year, an increase of 12.85%. The company’s operating profits have increased by 16.05% to the tune of INR 228.92. Million compared to INR 197.25. Million in the previous year. Also, your Company has earned current profits after tax to the tune of INR 89.903 Million.

The Company has gained higher acceptability with the customers on account of its consistent performance in terms of quality and timely delivery. This has resulted in acquiring new businesses and growth with existing customers.

During the year, the Company has successfully catered to the new business acquired from the existing customers. The company has also bagged additional business from Tata New Safari, Ashok Leyland NGIC and MSIL YE3 Door Seals and other are in finalization stages.

FIXED ASSETS:

· Building

· Plant and Machinery

· Tools

· Vehicles

· Furniture and Fittings

· Office Equipments

· Computers

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.55.34
UK Pound	1	Rs.86.45
Euro	1	Rs.68.04

INFORMATION DETAILS

Report Prepared by :

MRI

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		39

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.