MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	JTEKT SONA AUTOMOTIVE INDIA LIMITED
Registered Office :	UGF-6, Indra Prakash, 21 Barakhamba Road, New Delhi-110001
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.07.2007
Com. Reg. No.:	55-165741
Capital Investment/ Paid-up Capital:	Rs.566.900 Millions
CIN No.: [Company Identification No.]	U29268DL2007PLC165741
TAN No.: [Tax Deduction & Collection Account No.]	DELJ06865F
PAN No.: [Permanent Account No.]	AABCJ8647G
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Steering Products.
No. of Employees:	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 2600000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is Joint venture between JTEKT Corporation, Japan and Sona KOYO Steering Systems Limited, India It is a well established company having moderate track record. The financial detail for the year 2011-12 is missing from government department. However, from the previous year record the company performance seems to be improving. However, trade relations are reported to be fair. Business is active. Payments are unknown. The company can be considered for the 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 – 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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 :	UGF-6, Indra Prakash, 21 Barakhamba Road, New Delhi-110001, India
Tel. No.:	91-11-23311924 / 23327205
Fax No.:	Not Available
E-Mail :	satinder.singh@jsai.co.in raajesh.gupta@sonagroup.com sarita.sachdev@sonagroup.com
Website :	www.sonagroup.com

DIRECTORS

AS ON 30.07.2012

Name :

Dr. Surinder Kapur

Designation :

Chairman

Address :

#11, The Greens, Rajokari, New Delhi-110038, India

Date of Birth/Age :

10.10.1943

Date of Appointment :

11.07.2007

DIN No. :

00062481

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	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Whole-time director	28/09/2012	14/06/1984	-	Active	NO
2	L26102DL1984PLC019542	ASAHI INDIA GLASS LIMITED	Director	24/12/1988	24/12/1988	-	Active	NO
3	U74899DL1993PLC054930	SOMIC ZF COMPONENTS LIMITED	Director	25/04/2012	20/08/1993	-	Active	NO
4	U30007MH1994PLC081637	MAHINDRA SONA LIMITED	Director	30/09/1994	30/09/1994	-	Active	NO
5	U27300DL1995PLC073456	SONA OKEGAWA PRECISION FORGINGS LIMITED	Director	27/10/1995	27/10/1995	-	Active	NO
6	L92114DL1976PLC008355	COSMO FILMS LIMITED	Director	21/10/2000	21/10/2000	-	Active	NO
7	U65993DL2001PTC110205	SONA INVESTMENT PRIVATE LIMITED	Director	28/03/2001	28/03/2001	-	Active	NO
8	L99999MH1922PLC000987	GREAVES COTTON LIMITED	Director	27/10/2003	27/10/2003	18/02/2009	Active	NO
9	U74140DL2005PTC138636	DRSK MANAGEMENT SERVICES PRIVATE LIMITED	Director	13/07/2005	13/07/2005	-	Amalgamated	NO
10	U63040DL2005PLC143195	SONA MOBILITY SERVICES LIMITED	Director	31/05/2007	06/10/2006	20/10/2008	Active	NO
11	U74899DL1982PTC013139	SONA AUTOCOMP HOLDING PRIVATE LIMITED	Director	10/07/2007	31/01/2007	-	Active	NO
12	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Managing director	01/01/2009	11/07/2007	-	Active	NO
13	U35122DL2007PLC166497	KOYO SONA ELECTRONICS LIMITED	Director	29/09/2008	01/08/2007	-	Active	NO
14	U35122DL2007PLC166496	SONA FUJI KIKO AUTOMOTIVE LIMITED	Director	01/08/2007	01/08/2007	-	Active	NO
15	U29130PN2007FTC131036	AAM Pantnagar Axle Private Limited	Director	24/03/2009	11/01/2008	01/09/2009	Active	NO
16	U45201DL2003PLC123512	AKME PROJECTS LIMITED	Director	30/09/2008	05/02/2008	-	Active	NO
17	U67120MH1991PTC060720	SEALAND INVESTMENTS PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Amalgamated	NO
18	U67120MH1991PTC061336	RAGHUVANSHI INVESTMENT PRIVATE LIMITED	Director	29/09/2009	24/12/2008	-	Active	NO
19	U74999HR2010PTC040529	redi India Quality Services Private Limited	Director	01/11/2011	13/05/2010	12/06/2012	Active	NO
20	U80302HR2010PTC040946	CQ WorkSkills Services Private Limited	Director	23/07/2010	23/07/2010	01/11/2011	Active	NO
21	U51900DL2011PLC226008	MANDIRA MARKETING LIMITED	Director	10/10/2011	10/10/2011	03/02/2012	Active	NO

Name :

Mr. Kiran Manohar Deshmukh

Designation :

Director

Address :

B-143, II Floor, Kalkaji, New Delhi-110019, India

Date of Birth/Age :

14.01.1954

Date of Appointment :

01.10.2007

DIN No. :

01807023

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	U35122DL2007PLC166496	SONA FUJI KIKO AUTOMOTIVE LIMITED	Director	15/05/2008	29/09/2007	-	Active	NO
2	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Director	20/06/2008	01/10/2007	-	Active	NO
3	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Managing director	01/11/2010	01/05/2008	-	Active	NO

Name :

Mr. Seiho Kawakami

Designation :

Director

Address :

31-21-, 5 Chome, Suigen –CHO, Toyota- SHI, Japan

Date of Birth/Age :

23.12.1953

Date of Appointment :

14.09.2011

Din No.:

03621026

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	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Director	30/07/2012	14/09/2011	-	Active	NO

Name :

Mr. Keiichi Sakamoto

Designation :

Whole Time Director

Address :

7-13, Shikginaoka 2 Chome, Sangochoun, Ikoma Nara Japan 63601813

Date of Birth/Age :

01.01.1958

Date of Appointment :

30.01.2012

Din No.:

05182210

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	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Director	30/07/2012	14/09/2011	-	Active	NO

Name :

Mr. Shamsher Singh Mehta

Designation :

Additional Director

Address :

T-16, Harmitage Florida Estate, Keshav Nagar, Mundhwa, Pune – 411028, Maharashtra, India

Date of Birth/Age :

20.01.1944

Date of Appointment :

30.07.2012

Din No.:

02201929

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	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Director	18/07/2008	30/04/2008	-	Active	NO
2	U65999MH2008PTC178870	AEGON TRUSTEE COMPANY PRIVATE LIMITED	Additional director	04/07/2008	04/07/2008	19/11/2008	Amalgamated	NO
3	U65991MH2005PTC153638	RELIGARE TRUSTEE COMPANY Private Limited	Director	30/09/2009	04/12/2008	-	Active	NO
4	U74140DL1996ULT183469	Altran Technologies India Private Limited	Director	05/01/2012	06/01/2009	-	Active	NO
5	U72200DL1996PLC083811	SONA E-DESIGN AND TECHNOLOGIES LIMITED	Director	30/09/2009	02/02/2009	13/12/2010	Active	NO
6	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Additional director	30/07/2012	30/07/2012	-	Active	NO

Name :

Yoshio Tsuji

Designation :

Alternate Director

Address :

A-182, The Summit, DLF –V Golf Course, Gurgaon -122009,

Date of Birth/Age :

19.09.1956

Date of Appointment :

30.07.2012

Din No.:

03225563

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	U29253KA2009FTC050203	KOYO BEARINGS INDIA PRIVATE LIMITED	Director	29/09/2012	17/11/2010	-	Active	NO
2	U29200DL2008FLC182050	TOYODA MICROMATIC MACHINERY INDIA LIMITED	Director	29/09/2012	11/06/2012	-	Active	NO
3	U29268DL2007PLC165741	JTEKT SONA AUTOMOTIVE INDIA LIMITED	Alternate director	30/07/2012	30/07/2012	-	Active	NO
4	L29113DL1984PLC018415	SONA KOYO STEERING SYSTEMS LIMITED	Additional director	01/08/2012	01/08/2012	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Manjari Mishra
Designation :	Company Secretary
Address :	MIG 471, Metro View Apartments, Sector 13, Pocket B, Dwarka, New Delhi-110075, India
Date of Birth/Age :	19.11.1975
Date of Appointment :	20.04.2011
Pan No.:	APEPM5922N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.07.2012

Names of Shareholders	No. of Shares
Surinder Kapur	2
Kiran Manohar Deshmukh	1
Sudhir Chopra	1
Raghuvanshi Investment Private Limited, India	1
Sealand Investment Private Limited, India	1
Sona Koyo Steering Systems Limited, India	27778094
JTEKT Corporation, Japan	28911898
Waichiro Ijiri	1
Masakazu Nagai	1
Total	56690000

BUSINESS DETAILS

Line of Business :

Manufacturer of Steering Products.

Products :

Product Description	Item Code
Power Column Assy With I Shaft	JJ001
Power Column Assy With I Shaft	JJ002

PRODUCTION STATUS (AS ON 31.03.2010)

Particulars	Unit	Licensed Capacity
Steering Product Group	Nos.	367000

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Not Available

Facilities :

Unsecured Loans	As on 31.03.2011 [Rs. in Millions]	As on 31.03.2010 [Rs. in Millions]
Rupee term loans	264.000	205.000
Foreign currency loans	571.123	402.398
Working capital loans	266.913	150.000
Total	1102.036	757.398

Banking Relations :	--
Auditors :
Name :	S. P. Puri and Company Chartered Accountants
Address :	4/18, Asaf Ali Road, New Delhi- 110002, India
Tel. No.:	91-11-23274888 / 23277410
Fax No.:	91-11-23272805
E-Mail :	sppuri@vsnl.com
Pan No.:	AACFS2752D
Holding Company :	Sona Koyo Steering Systems Limited JTEKT Corporation, Japan
Fellow Subsidiaries :	Sona Stampings Limited Sona Fujikiko Automotive Limited Koyo Singapore Bearing (PTE) Limited Koyo Bearings India Private Limited

CAPITAL STRUCTURE

As on 30.07.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
56690000	Equity Shares	Rs.10/- each	Rs.566.900 Millions

Footnotes

(A) includes 28911898( previous year 28911898) Equity shares held by JTEKT Corporation Japan, the holding company

(B) includes 28911898( previous year 28911898) Equity shares held by JTEKT Corporation Japan, the holding company

(C) includes 28911898( previous year 28911898) Equity shares held by JTEKT Corporation Japan, the holding company

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		566.900	566.900	310.000
2] Share Application Money		0.000	0.000	131.019
3] Reserves & Surplus		92.295	0.000	0.000
4] (Accumulated Losses)		0.000	(3.155)	(0.378)
NETWORTH		659.195	563.745	440.641
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1102.036	757.398	199.000
TOTAL BORROWING		1102.036	757.398	199.000
DEFERRED TAX LIABILITIES		71.390	0.000	0.000
TOTAL		1832.621	1321.143	639.641
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1285.493	1107.381	90.690
Capital work-in-progress		1.637	2.439	738.607
Expenditure Incurred during Construction Period (Pending Allocation)		0.000	0.000	35.896
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	8.091	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	239.772	98.898	3.438
	Sundry Debtors	613.783	27.237	0.000
	Cash & Bank Balances	107.529	41.158	5.738
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	187.359	116.062	120.786
Total Current Assets		1148.443	283.355	129.962
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	542.322	70.475	337.270
	Other Current Liabilities	25.285	6.323	15.227
	Provisions	35.345	3.325	3.017
Total Current Liabilities		602.952	80.123	355.514
Net Current Assets		545.491	203.232	(225.552)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1832.621	1321.143	639.641

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	2243.997	27.727
		Other Income	5.614	19.750
		TOTAL (A)	2249.611	47.477	0.000
Less	EXPENSES
		Consumption material changes inventories	1639.519	14.931
		Manufacturing service cost	85.267	4.152
		Employee related Expenses	71.994	5.921
		Administrative, Selling and Other Expenses	78.917	17.392
		TOTAL (B)	1875.697	42.396	0.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		373.914	5.081
Less	FINANCIAL EXPENSES (D)		101.011	6.180
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		272.903	(1.099)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		69.633	9.769
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		203.270	(10.868)
Less	TAX (H)		107.820	(8.091)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		95.450	(2.777)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(3.155)	(0.378)	(0.378)
	BALANCE CARRIED TO THE B/S		92.295	(3.155)	(0.378)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3.273	4.692	NA
	IMPORTS
		Raw Materials and Components	NA	41.083	2.795
		Capital Goods	NA	26.712	402.950
	TOTAL IMPORTS		NA	67.795	405.745
	Earnings / (Loss) Per Share (Rs.)		1.63	(0.08)	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	4.24	(5.85)	0.00
Net Profit Margin (PBT/Sales)	(%)	9.05	(39.19)	0.00
Return on Total Assets (PBT/Total Assets}	(%)	8.35	(0.78)	0.00
Return on Investment (ROI) (PBT/Networth)		0.31	(0.02)	0.00
Debt Equity Ratio (Total Liability/Networth)		2.59	1.49	1.26
Current Ratio (Current Asset/Current Liability)		1.90	3.54	0.37

LOCAL AGENCY FURTHER INFORMATION

Check List by Info Agents	Available in Report [Yes/No]
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the firm	Yes
Premises details	No
Type of Business	Yes
Line of Business	Yes
Promoters background	Yes
No. of Employees	No
Name of Person Contacted	No
Designation of contact person	No
Turnover of firm for last three years	Yes
Profitability for last three years	Yes
Reasons for variation <> 20%	-
Estimation for coming financial year	No
Capital the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payment Terms	No
Export / Import Details [If Applicable]	No
Market Information	-
Litigations that the firm / promoter involved in	-
Banking Details	No
Banking Facility Details	Yes
Conduct of the banking account	-
Buyer visit details	-
Financials, if provided	Yes
Incorporation details, if applicable	Yes
Last accounts filed at ROC	Yes
Major Shareholders, if applicable	Yes
Date of Birth of Proprietor/Partner/Director, if available	Yes
PAN of Proprietor/Partner/Director, if available	No
Voter ID No of Proprietor/Partner/Director, if available	No
External Agency Rating, if available	No

OPERATIONAL REVIEW:

During the year, the Company started mass production of Column Type Electric Power Steering System (C-EPS) for APF model of Rennault Nissan and EFC Model of Toyota Kirloskar Motors Limited (TKML).

SOME OF THE KEY HIGHLIGHTS OF THE COMPANY’S OPERATIONS ARE AS FOLLOWS:

(1) The company has successfully set up satellite plant for post assembly operations at Chennai for supplies to be made to Rennault Nissan.

(2) The company has successfully set up satellite plant for post assembly operations at Bangalore for supplies to be made to Toyota Kirloskar Motors Limited (TKML)

(3) The Company has also successfully set up Line 2 for machining of Worm Housing with cycle time of 54 seconds. The SOP on this line was w.e.f 15.03.2011.

Honda 2 CW business has been awarded to the Company which is a break through business order. The Company was also awarded X11M (LCV) business by Ashok Nissan.

FIXED ASSETS:

• Land
• Electric Installation
• Furniture and Fixtures
• Office Equipments
• Computers and Peripherals
• Plant and machinery
• Jigs and Fixtures
• Vehicle
• Computer software

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 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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		27

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.