MIRA INFORM REPORT

Report Date :

10.07.2012

IDENTIFICATION DETAILS

Name :	AUTOLITE (INDIA) LIMITED
Registered Office :	D-469, Road No.9-A, Vishwakarma Industrial Area, Jaipur-302013, Rajasthan.
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	30.06.1977
Com. Reg. No.:	11-001738
Paid up Capital :	Rs.94.635 millions
CIN No.: [Company Identification No.]	L31506RJ1977PLC001738
TAN No.: [Tax Deduction & Collection Account No.]	JPRA00292F
Legal Form :	A Public limited liability company. The company shares listed to the stock exchange
Line of Business :	Manufacturer and Exporter of Automotive Lighting Components.
No. of Employees :	855 (approximately)

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 1220384
Status :	Moderate
Payment Behaviour :	Slow
Litigation :	Clear
Comments :	Subject is an established company having moderate track. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments 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

LOCATIONS

Registered Office :	D-469, Road No.9-A, Vishwakarma Industrial Area, Jaipur-302013, Rajasthan, India
Tel. No.:	91-141-2333994/5/6
Fax No.:	91-141-2330426
E-Mail :	investors@autopal.com info@autopal.com vishal@autopal.com
Website :	www.autopal.com
Work Office :	E-526-530, RIICO Industrial Area, Sitapura, Jaipur, Rajasthan, India Pravati Nagar, Kings Road, Ajmer Road, Jaipur, Rajasthan, India D-469, Road No. 9A, V.K.I. Area, Jaipur, Rajasthan, India

DIRECTORS

As On: 31.03.2011

Name :	Mr. Mahi Pal Gupta
Designation :	Managing Director
Name :	Mr. Amit Mahipal Gupta
Designation :	Wholw Time Director
Name :	Mr. Adarsh Mahipal Gupta
Designation :	Whole Time Director
Name :	Mr. Gauri Shankar Das
Designation :	Director
Name :	Mr. Suraj Prakash Batra
Designation :	Director
Name :	Mr. Kuldeep Kumar Gupta
Designation :	Director
Name :	Mr. Snehil Kumar
Designation :	Director
Name :	Mr. Rajendra Singh Mehta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vishal Agarwal
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2,737,344	28.95
Bodies Corporate	1,456,815	15.41
Sub Total	4,194,159	44.35
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	4,194,159	44.35
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	16,914	0.18
Financial Institutions / Banks	18,100	0.19
Central Government / State Government(s)	100	-
Foreign Institutional Investors	9,720	0.10
Sub Total	44,834	0.47
(2) Non-Institutions
Bodies Corporate	1,045,115	11.05
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	2,422,280	25.62
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1,493,168	15.79
Any Others (Specify)	256,685	2.71
Clearing Members	9,590	0.10
NRIs/OCBs	22,607	0.24
Trust & Foundation	224,488	2.37
Sub Total	5,217,248	55.17
Total Public shareholding (B)	5,262,082	55.65
Total (A)+(B)	9,456,241	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	9,456,241	-

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automotive Lighting Components.

Products :

ITC CODE	PRODUCT
85122010	Auto Motive Headlamps
85392120	Halogen Bulbs
84751000	Machines
82073000	Dies and Moulds

PRODUCTION STATUS (As On 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Auto Head Lamps, Sealed Beams, Reflectors and their spares	Nos.	NA	6600000	4116487
Halogen Lamps, Halogen Bulbs, Diachronic mirror	Nos.	35000000	9000000	6632345

GENERAL INFORMATION

Customers :

· TATA

· Mahindra

· Eicher

· Ashok Leyland

· Escorts

· Mahindra Navistar

· BEML

· AMW

· Case

· JCBL Group Company

No. of Employees :

855 (approximately)

Bankers :

· Kotak Mahindra Bank Limited, Sardar Patel Marg, C-Scheme, Jaipur-302001, Rajasthan, India

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Rajasthan Financial Corporation	46.406	57.365
(Mortgage loan against Industrial Land and Building situated at E-526 to 530 RIICO Industrial Area Sitapura, Jaipur)
Kotak Mahindra Bank Limited
Packing Credit Limit Secured by way of equitable charge on the land & building situated at VKI Area Jaipur	54.519	59.013
Working Capital Demand Loan Secured by way of equitable charge on land and building situated at Mahar House, Jaipur	8.529	18.360
Vehicle Loan
Secured against Vehicle	3.778	3.621
Interest Accrued and Due on secured loan	0.670	0.813
Total	113.902	139.172
UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Fixed Deposits	6.635	9.187
Other Loans and Advances :
1) From Banks
2) From Others :
a) Directors	0.000	0.000
b) Share Holders	0.000	0.000
c) Others	27.000	26.200
Interest Accrued and Due	15.767	15.634
Total	49.402	51.021

Banking Relations :	--
Auditors :
Name :	M/s H. C. Garg and Company Chartered Accountant
Address :	3, Gangwal Park, Jaipur-302003, Rajasthan, India
Subsidiaries :	· Autopal Inc, USA
Group Company :	· Autolite India Limited · Autolite Manufacturing Limited · Palsoft Infosystems Limited · Mamraj Sons Auto Limited · Tanishka Auto Components Private Limited · Alwar Lamps Private Limited · Luxpal Miniature Bulb Industries

CAPITAL STRUCTURE

As On : 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs. 10/- each	Rs. 300.000 millions
10000000	Redeemable Preference Shares	Rs. 10/- each	Rs. 100.000 millions
	Total		Rs. 400.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
9456241	Equity Shares	Rs. 10/- each	Rs. 94.562 millions
Add	Share Forfeiture		Rs. 0.072 million
	Total		Rs. 94.635 millions

Note : Out of which 34,110 Equity Shares of Rs. 101- each fully paid-up issued for consideration other than cash

pursuant to agreement for acquiring the running business of M/S. Autolite of India, a Partnership firm

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		94.635	94.635	94.635
2] Share Application Money		0.000	0.000	9.738
3] Reserves & Surplus		497.345	497.349	487.615
4] (Accumulated Losses)		(286.884)	(293.911)	(286.969)
NETWORTH		305.096	298.073	305.019
LOAN FUNDS
1] Secured Loans		113.902	139.172	145.725
2] Unsecured Loans		49.402	51.021	28.365
TOTAL BORROWING		163.304	190.193	174.090
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		468.390	488.266	479.109
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		210.759	201.135	234.437
Capital work-in-progress		1.515	15.294	10.371
INVESTMENT		3.008	3.008	4.239
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	73.422	56.324	64.347
	Sundry Debtors	75.822	63.622	65.563
	Cash & Bank Balances	15.666	19.516	22.699
	Other Current Assets	77.166	68.805	35.368
	Loans & Advances	205.644	219.535	195.073
Total Current Assets		447.720	427.802	383.050
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	152.089	106.446	93.376
	Other Current Liabilities	35.671	41.215	47.044
	Provisions	19.012	15.794	16.074
Total Current Liabilities		206.772	163.455	156.494
Net Current Assets		240.948	264.347	226.556
MISCELLANEOUS EXPENSES		12.170	4.482	3.505
TOTAL		468.390	488.266	479.109

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1068.369	902.485	735.935
		Other Income	19.003	32.193	23.344
		Transfer from Capital Reserve	0.003	0.004	0.005
		TOTAL (A)	1087.375	934.682	759.284
Less	EXPENSES
		Raw Material Consumed	530.082	436.209	391.367
		Purchase of Finished Goods	246.953	206.606	121.007
		Payment to and Provision for Employees	61.989	60.224	53.922
		Manufacturing Expenses	83.737	68.401	53.023
		Deferred Revenue Expenses W/Off	1.183	0.823	0.305
		Increase/(Decrease) in Finished Goods	(6.950)	17.133	(14.198)
		Selling and Distribution Expenses	73.787	57.544	54.932
		Administrative Expenses	19.998	16.383	18.750
		TOTAL (B)	1010.779	863.323	679.108
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		76.596	71.359	80.176
Less	FINANCIAL EXPENSES (D)		27.586	27.226	32.383
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		49.010	44.133	47.793
Less/ Add	DEPRECIATION/ AMORTISATION (F)		38.013	38.662	41.958
	PROFIT BEFORE TAX (E-F) (G)		10.997	5.471	5.835
Less	TAX (H)		3.971	15.112	7.112
	PROFIT AFTER TAX (G-H) (I)		7.026	(9.641)	(1.277)
Add	Provision of Earlier Years Written Back		0.000	2.698	2.664
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(293.911)	(286.969)	(288.355)
	BALANCE CARRIED TO THE B/S		(286.885)	(293.912)	(286.969)
	Export Value		309.616	242.997	247.276
	IMPORTS
		Raw Materials	54.690	32.658	25.341
		Capital Goods	0.177	4.405	0.000
	TOTAL IMPORTS		54.867	37.063	25.341

QUARTERLY RESULTS

PARTICULARS	30.06.2011	30.09.2011	31.12.2011	31.03.2012
	1^st Quarter	2^nd Quarter	3^rdQuarter	4^th Quarter
Net Sales	253.800	277.400	326.300	345.000
Total Expenditure	242.100	262.400	309.700	323.800
PBIDT (Excl OI)	11.700	15.000	16.600	21.200
Other Income	5.600	2.500	3.700	2.100
Operating Profit	17.300	17.500	20.300	23.300
Interest	6.000	5.700	6.900	7.700
Exceptional Items	0.000	0.000	0.000	(7.500)
PBDT	11.300	11.800	13.400	8.100
Depreciation	9.200	9.200	9.300	9.900
Profit Before Tax	2.100	2.600	4.100	(1.800)
Tax	0.000	0.000	0.800	1.100
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	2.100	2.600	3.300	(2.900)
Extraordinary Items	0.000	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000	0.000
Net Profit	2.100	2.600	3.300	(2.900)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.65	(1.03)	(0.17)
Net Profit Margin (PBT/Sales)	(%)	1.02	0.61	0.79
Return on Total Assets (PBT/Total Assets}	(%)	1.67	0.87	0.94
Return on Investment (ROI) (PBT/Networth)		0.03	0.02	0.02
Debt Equity Ratio (Total Liability/Networth)		1.21	1.19	1.08
Current Ratio (Current Asset/Current Liability)		2.16	2.62	2.45

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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%	--
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	--
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	No

OPERATIONS

During the financial year ended on March 31.2011, the company achieved gross sales turnover of Rs. 1143.248 millions as against Rs. 955.816 millions during the corresponding financial year ended on March 31,2010 thus registering a growth of 20%. Company has earned net profit before extra-ordinary items of Rs. 10.995 millions as compared to Net Profit of Rs. 5.472 millions in 2009-10. The company has made significant growth in domestic sales segment where it has achieved a turnover of Rs. 827.067 Millions in 2010-11 as compared to Rs. 710.466 Millions in 2009-10. The company has made excellent growth of 29% in export sales where it achived Rs. 320.871 millions during the year 2010-11 as against Rs. 247.828 millions in 2009-10.

The bottom line of the company has been improved considerable wherein it has achieved profit of Rs. 7.026 millions after extra ordinary items in 2010-11 as compared to loss of Rs. 6.942 millions in 2009-10

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31.03.2012

				Rs in Millions	Rs in Millions	Rs in Millions
	Particulars			Quarter ended	Quarter ended	Year ended
				31.03.2012	31.12.2011	31.03.2012
				(Unaudited)	(Unaudited)	(Audited)
1	Net Sales/Income from Operations			320.000	309.200	1130.000
	Other operating income			25.000	20.500	80.200
2	Total Income from operations (net) (a+b)			345.000	329.700	1210.200
	Expenditure
	(a)		Cost Material consumed	185.700	165.700	624.700
	(b)		Purchase of traded goods	71.200	76.300	275.700
	©		Changes in inventories of finished goods and works-in-process	(12.700)	(12.300)	(52.200)
	(d)		Employee benefits expense t	24.600	22.500	83.900
	(e)		Depreciation	9.900	9.300	37.600
	(f )		Other Expenditure	55.000	57.500	204.900
			Total Expenses	333.700	319.000	1175.600
3			Profit from Operations before Other income, finance costs & Exceptional Items (2-3)	11.300	10.700	34.600
4			Other Income	2.100	0.300	6.200
5			Profit before finance costs & Exceptional Items (4+5)	13.400	11.000	40.800
6	Financial Costs			7.700	6.900	26.300
7	Profit after finance costs but before exceptional item (6-7)			5.700	4.100	145.500
8	Exceptional Items			7.500	0.000	7.500
9	Profit from Ordinary Activities before tax (8+9)			(1.800)	4.100	7.000
10	Tax Expenses			1.100	0.800	1.900
11	Net Profit for the year from Ordinary Activities after tax (10-11)			(2.900)	3.300	6.100
12	Extraordinary Item			0.000	0.000	0.000
13	Net Profit for the year before Minority Interest (12-13)			(2.900)	3.3000	6.100
14	Paid up Equity Share Capital (Face value of Rs.10 each)			94.600	94.600	94.600
15	Reserves(excluding revaluation reserve			--	--	--
18		Earning Per Share (not annualised) Basic and Diluted		(0.31)	0.35	0.54
19		Public Shareholding
		Number of Shares		5262082	5275115	5262082
		Percentage of Shareholding		55.65%	55.78%	55.65%
20		Promoters and Promoter group
		a) Pledged/Encumbered
		Number of shares		0.000	0.000	0.000
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		0.00%	0.00%	0.00%
		Percentage of Shares (as a % of the total share capital of the Company)		0.00%	0.00%	0.00%
		b) Non-encumbered
		Number of shares		4194159	4181126	4194159
		Percentage of Shares (as a % of the total shareholding of promoter and promoter group)		100.00%	100.00%	100.00%
		Percentage of Shares (as a % of the total share capital of the Company)		44.35%	44.22%	44.35%

Particulars	3 months ended 31.03.2012
INVESTOR COMPLAINTS
Pending at the beginning of the quarter	Nil
Received during the quarter	Nil
Disposed of during the quarter	Nil
Remaining unresolved at the end of the quarter	Nil

STATEMENT OF ASSETS AND LIABILITIES

	PARTICULAR	31.03.2012
I	Equity and Liabilities
	1) Shareholders Funds
	a) Share Capital	94.635
	b) Reserves and Surplus	215.600
	Sub-total-Shareholders' funds	310.235
	2) Non – Current Liabilities
	a) Long term Borrowing	32.062
	b) Deferred tax liabilities (Net)	0.000
	c) Other Long term liabilities	0.000
	d) Long-term provisions	13.356
	Sub-total - Non-current liabilities	45.418
	3) Current Liabilities
	a) Short term borrowing	63.574
	b) Trade payable	152.328
	c) Other current liabilities	123.887
	d) Short term provision	6.953
	Total	346.742
	Total	702.395
II	Assets
	1) Non – Current Assets
	a) Fixed assets
	i) Tangible assets	191.559
	ii) Intangible assets	4.832
	iii) Capital Work in Progress	0.000
	iv) Intangible assets under development	0.000
	b) Non – current Investment	6.853
	c) Deferred tax assets	0.000
	d) Long term loans and advance	84.673
	e) Other non-current assets	76.653
	Total	364.570
	2) Current Assets
	a) Current Investment	0.000
	b) Inventories	125.744
	c) Trade receivables	91.012
	d) Cash and cash equivalents	10.843
	e) Short term loans and advance	87.650
	f) Other current assets	22.576
	Total	337.825
	Total	702.395

Note:

1. The above result have been reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 31^st June 2012

2. The figures of last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of the financial year ended 31^st March and the unaudited published year to date figures upto the third quarter ended 31^st December.

3. Since the major operations of the company relates to one segment Automotive Components and therefore reporting for business segment as per Accounting Standard 17 on segment reporting is not applicable. The Company has no activity outside India except export of Automotive Components manufacturer in India. Thereby no geographical segment and no segment wise information is reported.

4. The financial statements have been prepared as per revised Schedule VI of the Companies Act, 1956 which had a significant impact on the presentation. The figures of previous period/year have been re-grouped/ re-arranged and /or re-cast wherever found necessary.

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.56.02
UK Pound	1	Rs.86.77
Euro	1	Rs.68.82

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--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	YES
--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.