MIRA INFORM REPORT

Report Date :

22.03.2012

IDENTIFICATION DETAILS

Name :	SUZUKI POWERTRAIN INDIA LIMITED
Registered Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	14.11.2002
Com. Reg. No.:	55-117679
Capital Investment / Paid-up Capital :	Rs.7760.000 Millions
CIN No.: [Company Identification No.]	U27109DL2002PLC117679
TAN No.: [Tax Deduction & Collection Account No.]	DELS20077B
PAN No.: [Permanent Account No.]	AAGCS7346J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Automobile Diesel Engines, Transmissions and other components.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (47)

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

Maximum Credit Limit :	USD 41800000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a well established and reputed company having satisfactory track. 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 – 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 :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi – 110070, India
Tel. No.:	91-11-46781000
Fax No.:	91-11-46150275
E-Mail :	anand.praksh@spil.co.in vineet.agarwal@spil.co.in
Website :	http://www.maruti.com
Plant :	Gurgaon Plant, Old Palam Gurgaon Road, Gurgaon – 122015, Haryana India
Tel No.:	91-124-2346721
Branch Office :	Plot No. 1, Phase 3A, IMT Manesar, Gurgaon – 122051, Haryana, India
Tel No.:	91-124-2291731 / 32/ 33, 4509700
Fax No.:	91-124-2291734
Branch Office :	Also Located at · Kolkata · Guwahati · Indore · New Delhi · Chandigarh · Lucknow · Jaipur · Chennai · Bangalore · Cochin · Hyderabad · Mumbai · Pune · Ahmedabad

DIRECTORS

As on 23.09.2011

Name :

Mr. Shinzo Nakanishi

Designation :

Director

Address :

Room No. 572, Hotel The Leela, Gurgoan – 122012, Haryana, India

Date of Birth/Age :

14.09.1947

Date of Appointment :

27.07.2005

DIN No.:

00108491

Other Directorship :

S.No.	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
1	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Managing director	19/12/2010	30/05/2002	-	Active	NO
2	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Director	11/07/2008	27/07/2005	-	Active	NO
3	U74899DL1997FTC086871	SUZUKI MOTORCYCLE INDIA PRIVATE LIMITED	Additional director	15/11/2006	15/11/2006	16/05/2008	Active	NO
4	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	30/07/2008	2/01/2008	-	Active	NO
5	U74130HR1986PLC023655	SKH METALS LIMITED	Nominee director	26/07/2008	28/01/2008	-	Active	NO
6	U65921DL1997PLC090046	CITICORP MARUTI FINANCE LIMITED	Director	29/09/2008	31/01/2008	10/01/2012	Active	NO
7	U65910DL1995PTC070200	MARUTI COUNTRYWIDE AUTO FINANCIAL SERVICES PRIVATE LIMITED	Director	11/08/2008	25/03/2008	19/03/2012	Active	NO
8	L74899DL1985PLC020134	SUBROS LIMITED	Nominee director	25/03/2008	25/03/2008	-	Active	NO

Name :

Mr. Nobuyasu Koike

Designation :

Managing director

Address :

Room No. 411, Japanese Hostel Complex, Opposite MDI Gate 2, Near NH-8, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

06.11.1952

Date of Appointment :

16.05.2008

Date of Ceasing :

15.01.2012

DIN No.:

02072391

Other Directorship :

S.No.	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
1	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Managing director	16/05/2008	27/02/2008	15/01/2012	Active	NO
2	U40300DL2007PTC169579	MAGNETI MARELLI POWERTRAIN INDIA PRIVATE LIMITED	Director	17/04/2009	1/07/2008	-	Active	NO

Name :

Mr. Deepak Kumar Sethi

Designation :

Whole-time director

Address :

D-31, Ashok Vihar, Phase-I, Delhi – 110052, India

Date of Birth/Age :

10.08.1959

Date of Appointment :

02.08.2011

DIN No.:

03605973

Other Directorship :

S.No.	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
1	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Whole-time director	23/09/2011	2/08/2011	-	Active	NO

Name :

Mr. Osamu Suzuki

Designation :

Director

Address :

3-19-18, Shijimizu Ka-Cho, Hamamatsu, Shizuoka, Japan – 4328018

Date of Birth/Age :

30.01.1930

Date of Appointment :

27.07.2005

DIN No.:

00680073

Other Directorship :

S.No.	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
1	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Nominee director	20/09/2002	20/09/2002	-	Active	NO
2	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Director	27/07/2005	27/07/2005	-	Active	NO

Name :

Mr. Tsuneo Ohashi

Designation :

Director

Address :

Room No. 210, Japanese Hostel Complex, Opposite MDI Gate 3, Near NH-8, Sector-16, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

20.06.1951

Date of Appointment :

11.07.2008

DIN No.:

00009612

Other Directorship :

S.No.	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
1	L34103DL1981PLC011375	MARUTI SUZUKI INDIA LIMITED	Whole-time director	1/01/2011	1/01/2008	-	Active	NO
2	U34201DL2007PLC170043	FMI AUTOMOTIVE COMPONENTS LIMITED	Director	19/12/2008	2/01/2008	-	Active	NO
3	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Director	22/08/2008	11/07/2008	-	Active	NO

Name :

Kunihiko Murata

Designation :

Whole-time director

Address :

Room No. 311, Japanese Hostel Complex, Opposite MDI Gate 3, Near NH-8, Sector-16, Gurgaon – 122001, Haryana, India

Date of Birth/Age :

03.01.1961

Date of Appointment :

22.04.2011

DIN No.:

03519312

Other Directorship :

S.No.	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
1	U27109DL2002PLC117679	SUZUKI POWERTRAIN INDIA LIMITED	Managing director	16/01/2012	22/04/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vineet Agarwal
Designation :	Secretary
Address :	H. No. 10346, Street No.1, West Gorakh Park, Shahdara, Delhi – 110032, India
Date of Birth/Age :	15.02.1977
Date of Appointment :	05.02.2008
PAN No.:	ADYPA9515D

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 23.09.2011

Names of Shareholders	No. of Shares
Suzuki Motor Corporation, Japan	921899995
Maruti Suzuki India Limited, India	395100000
Shinzo Nakanishi	1
Kunihiko Murata	1
Nobuyasu Koike	1
Miki Nakahara	1
Tsuneo Ohashi	1
Total	1317000000

Equity Share Break up (Percentage of Total Equity)

As on 23.09.2011

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	70.00
Bodies corporate	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Automobile Diesel Engines, Transmissions and other components.

Products :

Item Code	Product Description
7616.90	Cylinder Head
7616.90	Cylinder Block
7616.90	Transmission Case

PRODUCTION STATUS AS ON 31.03.2011

Particulars	Unit	Installed Capacity
Engines	Nos.	200000
Transmission Assembly	Nos.	800000
Transmission Components	Sets	300000
Castings	Mt	8600

Particulars	Unit	Actual Production
Transmission Case	Nos.	271286
Crankcase Comp, L	Nos.	41176
Engines	Nos.	224766
Transmission Assembly	Nos.	789322
Transmission Components	Nos.	301373

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Citi Bank N.A.

Facilities :

Secured Loan	As on 31.03.2010 (Rs. in Millions)	As on 31.03.2009 (Rs. in Millions)
Foreign currency loans banks unsecured	2074.180	3111.270
Foreign currency loans financial institutions unsecured	5073.389	6247.358
Foreign currency loans others unsecured	880.980	880.980
Other debt unsecured	3118.910	3180.912
Interest accrued due other debt unsecured	105.278	58.516
Total	11252.737	13479.036

Notes:

(A) The Bank of Tokyo- Mitsubishi UFJ Limited

(B) Japan Bank for International Cooperation

(C) Citibank N.A. (Buyer's Credit in Foreign Currency)

(D) Maruti Suzuki India Limited 1800000000 Suzuki Motor Corporation, Japan 1318910520 (Foreign Currency Loan)

(E) Maruti Suzuki India Limited 1862001612 Suzuki Motor Corporation, Japan 1318910520 (Foreign Currency Loan)

Banking Relations :	--
Auditors :
Name :	V Sankar Aiyar and Company Chartered Accountants
Address :	Satyam Cinema Complex, Ranjit Nagar, Community Centre, New Delhi – 110008, India
PAN.:	AAAFV0781D
Holding Company :	Suzuki Motor Corporation (SMC), Japan
Fellow Subsidiaries :	· Maruti Suzuki India Limited (MSIL), India · Magyar Suzuki Corporation (MSC), Hungary · Suzuki Motorcycle India Private Limited (SMIPL), India

CAPITAL STRUCTURE

As on 23.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1500000000	Equity shares	Rs.10/- each	Rs.15000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1317000000	Equity shares	Rs.10/- each	Rs.13170.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
800000000	Equity shares	Rs.10/- each	Rs.8000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
776000000	Equity shares	Rs.10/- each	Rs.7760.000 Millions

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		7760.000	7760.000	7760.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		2689.689	1494.682	576.636
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		10449.689	9254.682	8336.636
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		11252.737	13479.036	15796.590
TOTAL BORROWING		11252.737	13479.036	15796.590
DEFERRED TAX LIABILITIES		1426.800	946.800	342.600
Deferred Credit For Capital Goods		0.000	60.655	309.725
TOTAL		23129.226	23741.173	24785.551
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		19602.230	21670.454	15561.640
Capital work-in-progress		388.426	667.915	6439.274
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2765.989	2406.271	2590.616
	Sundry Debtors	1236.974	568.343	2259.429
	Cash & Bank Balances	1636.165	1163.625	1590.574
	Other Current Assets	133.457	288.115	305.124
	Loans & Advances	678.872	1318.049	2040.733
Total Current Assets		6451.457	5744.403	8786.476
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2852.770	4033.201	3852.580
	Other Current Liabilities	369.753	267.437	2035.782
	Provisions	99.553	65.048	143.164
Total Current Liabilities		3322.076	4365.686	6031.526
Net Current Assets		3129.381	1378.717	2754.950
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
Pre-operative Expenses Pending Allocation		9.189	24.087	29.687
TOTAL		23129.226	23741.173	24785.551

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	40208.923	32614.427	22577.944
		Other Income	848.449	492.763	401.561
		TOTAL (A)	41057.372	33107.190	22979.505
Less	EXPENSES
		Consumption materials changes inventories	29169.698	23585.735	20049.210
		Manufacturing service costs	4398.826	3578.335
		Employee related expenses	619.259	517.964
		TOTAL (B)	34187.783	27682.034	20049.210
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		6869.589	5425.156	2930.295
Less	FINANCIAL EXPENSES (D)		772.055	882.475	1195.267
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		6097.534	4542.681	1735.028
Less/ Add	DEPRECIATION/ AMORTISATION (F)		4002.527	2695.435	1575.013
	PROFIT BEFORE TAX (E-F) (G)		2095.007	1847.246	160.015
Less	TAX (H)		900.000	929.200	87.591
	PROFIT AFTER TAX (G-H) (I)		1195.007	918.046	72.424
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1494.682	576.636	504.211
	BALANCE CARRIED TO THE B/S		2689.689	1494.682	576.636
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	1075.073	2260.504	3135.398
	IMPORTS
		Stores & Spares	850.321	5961.484	5580.555
		Capital Goods	7589.742	1315.492	9219.022
	TOTAL IMPORTS		8440.063	7276.976	14799.577
	Earnings Per Share (Rs.)		1.54	1.18	0.11

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	2.91	2.77	0.31
Net Profit Margin (PBT/Sales)	(%)	5.21	5.66	0.70
Return on Total Assets (PBT/Total Assets}	(%)	8.04	6.73	0.29
Return on Investment (ROI) (PBT/Networth)		0.20	0.19	0.01
Debt Equity Ratio (Total Liability/Networth)		1.39	1.92	2.61
Current Ratio (Current Asset/Current Liability)		1.94	1.31	1.45

LOCAL AGENCY FURTHER INFORMATION

NOTE:

The registered office address of the company has been shifted from 11^th Floor, Jeevan Prakash, 25, Kasturbha Gandhi Marg, New Delhi – 110001, India to present w.e.f. 15.12.2008

FINANCIAL HIGHLIGHTS

The sales (net of excise) and other income for the financial year were Rs. 41,057.370 millions as against Rs. 33,107.190 millions for the previous financial year registering an impressive increase of 24.01%. The Profit before tax (after interest and depreciation charges) of Rs.2,095.00 million (Previous year Rs. 1,847.240 millions) and the Profit after tax of Rs. 1,195.00 millions (Previous year Rs. 918.040 millions) for the financial year.

HIGHLIGHT OF OPERATIONS / COMPANY’S AFFAIRS

a) Engine Business

The Engine Plant of the Company comprising of Engine Component Machining, Engine Assembly and Engine Testing has performed well.

During financial year the company introduced new high power 1.3L Small Diesel Engine 90HP which has inbuilt state of art technology for better fuel efficiency and reliability. This new engine is equipped with Variable Geometry Turbocharger (VGT) and Direct Diesel Injection System that delivers high power, refinement, response and better fuel efficiency. Further, in order to cater the export market, production of Small Diesel engine (Euro 5) was stablised during the year. The engines of the company have been well accepted in the market in terms of quality and efficiency.

During the financial year under consideration, the Company has produced aggregate units of 224,766 engines as compared to 193,021 aggregate units of engines in the previous year.

b) Transmission Business

The Company introduced various models of transmission assemblies in the financial year. New transmission machining lines and assembly lines were stablised and additional machines were installed in the production unit for augmenting the transmission production capacity. The manufacturing of certain dies were indigenized for achieving cost efficiency and better productivity. Considering the growth pace of automobile industry, favorable economic environment, the Company took initiatives to expand the business activities by initiating new project for manufacturing of various two wheeler parts and components. The new production facility will be equipped with state of art production and testing facilities for manufacturing of two wheeler parts and components.

During the financial year under consideration, the company has produced 789,322 units of Transmission Assembly and 301,373 Transmission Components (sets) as compared to 443,619 units and 288,588 respectively in the previous year.

c) Casting Business

Considering the increase in demand of Engine and Transmission the production of Casting Plant was strengthen during the financial year under consideration. Efforts were made for improving quality of casting products.

During the financial year under consideration, the company has produced 271,286 units of Transmission Case and 41,176 units of Crank Case components as compared to 40,3521 units and nil units respectively in the previous year.

The directors are please to inform that during month of April, 2011, the company has successfully achieved ISO/TS 16949 certification for its Quality Management System for manufacturing of engines, transmission units and components. During the year the surveillance audit was completed successfully. The Company’s Casting Plant also has an ISO/TS 16949:2002 certification which is subject to re-assessment at regular intervals. An integrated management system was developed for monitoring the improvement in health and safety and environment. Casting plant has obtained OHASA 18001 and ISO14001 certification during the month of May, 2011.

The Company is confident in building a positive future for itself and increase stakeholders’ value by continued focus on expanding production base, cost reduction, enhancing plant efficiency, improving quality of products and ultimately resulting in to better Customer Satisfaction.

The Company’s future strategies and direction continue to revolve around its mission i.e. “To develop products of superior value by focusing on the customer, to establish a refreshing and Innovative company through team work and to strive for individual excellence through continuous improvement.”

FIXED ASSETS

· Freehold Land

· Building

· Plant And Machinery

· Dies

· EOP Equipment and Software

· Furniture Fixture

· Office Equipments

· Vehicles

· Plant and Machinery

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.50.59
UK Pound	1	Rs.80.34
Euro	1	Rs.67.14

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--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		47

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.