MIRA INFORM REPORT

Report Date :

06.11.2012

1. Summary Information

		Country	India
Company Name	AUTOLIV INDIA PRIVATE LIMITED	Principal Name 1	Mr. Lars Axel Sjobring
Status	Good	Principal Name 2	Mr. Suresh Nandagopal
		Registration #	55-108041
Street Address	2^nd Floor, Sucheta Bhawanlok, Kalyan Samiti 11 A, Vishu Digambar Marg, New Delhi-110002.
Established Date	05.10.2000	SIC Code	--
Telephone#	91-80-27971250	Business Style 1	Manufacturer
Fax #	Not Available	Business Style 2	Exporter
Homepage	www.autoliv.com	Product Name 1	Seat belts
# of employees	600 (Approximately)	Product Name 2	Automobile Accessories
Paid up capital	Rs. 50,112,850/-	Product Name 3
Shareholders	Foreign holdings – 100%	Banking	Not Available
Public Limited Corp.	No	Business Period	12 Years
IPO	No	International Ins.	-
Public Enterprise	No	Rating	Ba (53)
Related Company
Relation	Country	Company Name	CEO
Holding Company	Sweden	Autoliv AB	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.03.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	1,149,584,000	Current Liabilities	1093,250,000
Inventories	456,157,000	Long-term Liabilities	209,167,000
Fixed Assets	349,240,000	Other Liabilities	23,204,000
Deferred Assets	23,052,000	Total Liabilities	1,325,621,000
Invest& other Assets	329,444,000	Retained Earnings	931,743,000
		Net Worth	981,856,000
Total Assets	2,307,477,000	Total Liab. & Equity	2,307,477,000
Total Assets (Previous Year)	1,670,370,000
P/L Statement as of	31.03.2011		(Unit: Indian Rs.)
Sales and other Income	4,694,108,000	Net Profit	293,734,000
Sales(Previous yr)	3,897,240,000	Net Profit / (Loss) (Prev.yr)	342,319,000

IDENTIFICATION DETAILS

Name :	AUTOLIV INDIA PRIVATE LIMITED
Registered Office :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Hoskote Industrial Estate, Bangalore-562114, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.10.2000
Com. Reg. No.:	55-108041
Capital Investment / Paid-up Capital :	Rs.50.113 Millions
CIN No.: [Company Identification No.]	U343000DL2000PTC108041
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and exporter of Seat belts Automobile Accessories.
No. of Employees :	600 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 4000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track. Financial position of the company appears to be good. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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 – 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 :	Survey No.80/3, Chokkahalli Village, Doddalluru Gram Panchayat, Hoskote Industrial Estate, Bangalore-562114, Karnataka, India
Tel. No.:	91-80-27971250/51/53/54/55/57/30601300
Fax No.:	91-80-30601430
E-Mail :	mohammad.ibrahim@autoliv.com devanad.achutan@autoliv.com nagarajulade@autoliv.com
Website :	www.autoliv.com
Corporate Office / Head Office / Factory / Plant :	16,Visvekwaraiah Industrial Estate, 1^st Main Road, Off Whitefield Road, Mahadevapura, Bangalore -560048, Karnataka, India
Tel. No.:	91-80-30586300 / 6267
Fax No.:	91-80-30586302
E-Mail :	vipin.saini@autoliv.com
Factory 2 :	Plot 203, Sector 4, IMT, Manasar Gurgaon-122050, Haryana, India.
Tel. No.:	91-124-4768700
Fax No.:	91-124-4768724
Factory 3 :	Shed No.76/78 SIDCO Industrial Estate, Thirumazhisai Poonamalle Taluk, Thiruvallur, Chennai-602107, Tamilnadu, India
Tel. No.:	91-44-26811847
Fax No.:	91-44-26844846
Factory 4 :	Plot No.44, Safety Street, KIADB Industrial Area, Kadakola, Mysore, Karnataka, India
Tel. No.:	91-421-3021419/21

DIRECTORS

As on 30.09.2011

Name :

Mr. Lars Axel Sjobring

Designation :

Nominee Director

Address :

Brunnsgrand 3, Apartments 52, Syockholm-11130, Sweden

Date of Birth/Age :

11.12.1967

Date of Appointment :

30.09.2009

DIN No.:

01999909

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	U36109WB1992PTC054141	Autoliv Safety Systems India Private Limited	Director	30/06/2008	05/11/2007	-	Amalgamated	NO
2	U34300KA2000PTC056723	AUTOLIV INDIA PRIVATE LIMITED	Nominee director	30/09/2009	13/04/2009	-	Active	NO

Name :

Mr. Suresh Nandagopal

Designation :

Nominee Director

Address :

# 145, Prestige Ozone, Whitefield, Bangalore-560 006, Karnatak, India

Date of Birth/Age :

14.01.1970

Date of Appointment :

15.09.2010

DIN No.:

03245760

KEY EXECUTIVES

Name :	Mr. Nagaraju Lade
Designation :	Secretary
Address :	Flat B302,SJR Spencer Apartment ,Aswath Nagar, Varthur Main Road, Marathahalli, Bangalore -5600037, Karnataka.
Date of Birth/Age :	15.07.1966
Date of Appointment :	19.06.2009
Pan No. :	ABZPN6225A

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Autoliv AB, Sweden	5011283
Autoliv East Europe AB, Sweden	01
Autoliv Asia ROH Company Limited, Thailand	01
TOTAL	5011285

Equity Share Break up (Percentage of Total Equity)

As on 30.09.2011

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	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and exporter of Seat belts Automobile Accessories.
Products :	· Automobile

PRODUCTION STATUS

As on 31.03.2011

Particulars	Unit	Installed Capacity	Actual Production
Automotive Seatbelts	Nos.	12565890	12808419
Airbags	Nos.	2671760	685448
Steering Wheel	Nos.	340000	50042

GENERAL INFORMATION

No. of Employees :

600 (Approximately)

Bankers :

Not Available

Facilities :

Unsecured Loan	As on 31.03.2011 (Rs. in Millions)	As on 31.03.2010 (Rs. in Millions)
Working capital loans banks unsecured	60.000	0.000
Other debt unsecured	149.167	66.133
Total	209.167	66.133

Banking Relations :	-
Auditors :
Name :	S.R. Batlibol and Company Chartered Accountant
Address :	12^th /13^th Floor, UB City, Canberra Block,No.24,Vittal Mallya Road ,Bangalore-560001, Karnataka, India.
PAN.:	AALFSO506L
Holding Company :	Autoliv AB, Sweden
Ultimate Holding Company :	Autoliv, Inc., USA
Fellow subsidiaries :	· Autoliv Asia ROH Company Limited, Thailand · Autoliv ASP, Inc. · Autoliv Mexico, S.A. de C.V. · Autoliv Australia Pty Limited · Autoliv BKI S.A. · Autoliv Argentina S.A. · Autoliv Spring Dynamics Limited · Livbag SAS · N.C.S. Pyrotechnie et Technologies SAS · Autoliv Isodelta SAS · Autoliv Stakupress GmbH · Autoliv Protektor GmbH · Autoliv Sicherheitstechnik GmbH · Autoliv France SNC · Autoliv Hirotako Safety Sdn Bhd, Malaysia · Nanjing Hongguang Autoliv Vehicle Safety Systems Company Limited · Autoliv Thailand Limited · Autoliv (Changchun) Mawhung Vehicle Safety Systems Company, Limited · Autoliv Kft., Hungary · Autoliv (Shanghai) Management Company Limited · Autoliv Aktiebolag · Autoliv Poland Sp z.o.o. · Autoliv (Shanghai) Automotive Company. Limited · Autoliv Sverige AB · Mei-An Autoliv Company Limited · Autoliv AFI · Autoliv Teknoloji Urunleri Sanyai Ve Ticaret A.S. · Autoliv KLE, S.A. P.T. Autoliv Indonesia · Autoliv ATC · Autoliv Electronics AB Autoliv Steering Wheels Tunisia OOO · Autoliv, Russia · Autoliv Safety Technology de Mexico S.A. de C.V. · Autoliv Corporation, Korea · Autoliv Inflators IBC · Autoliv Japan Limited · Autoliv Southern Africa (Pty) Limited · Autoliv do Brasil Ltda. · Autoliv Romania S.R.L · Autoliv B.V. and Company Limited, Germany · Autoliv Izumi Philippines Company, Inc. · Autoliv Ogden Service · Autoliv Inflator Company Limited, China · Autoliv (China) Steering Wheel Company Limited · Autoliv (Shanghai) Vehicle Safety System Technical Center Co. Limited · Taicang VOA Shenda Special Type Textile Products Company Limited · Autoliv Steering Wheels Mexico S. de R.L. de C.V. · Autoliv (China) Electronics Company Limited · Nexans Autoelectric GmbH · Changchun Hongguang-Autoliv Vehicle Safety System Company Limited · Shanghai VOA Safety Belt Webbing Company Limited · Autoliv China Technology Centre Autoliv Development Aktiebolag · VOA Canada, Inc. · Autoliv QB Inc. · Autoliv Italia SPA · Autoliv North America · Autoliv Cankor Otomotive Emniyet Sistemleri Sanayi Ve Ticaret A.S. · Autoliv Metal Pres Sanayi Yi Ve Ticaret A.S. · Autoliv Development AB · Van Oerle Alberton BV · Airbags International Limited, U.K. · Autoliv Mekan AB · Autoliv Tunisia Zriba

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
6000000	Equity Share	Rs.10/- Each	Rs.60.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
5011285	Equity Share	Rs.10/- Each	Rs.50.113 Millions

Of the above -

(i) 5,011,283 (Previous Year: 2,511,783) are held by Autoliv AB, 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		50.113	50.113	25.118
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		931.743	638.009	284.249
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		981.856	688.122	309.367
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		209.167	66.133	244.925
TOTAL BORROWING		209.167	66.133	244.925
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
Share Capital Pending Allotment (Amalgamation)		0.000	0.000	24.995
TOTAL		1191.023	754.255	579.287
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		349.240	244.291	173.506
Capital work-in-progress		329.544	20.923	46.891
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		23.052	19.484	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	456.157	420.420	190.659
	Sundry Debtors	603.569	410.860	378.884
	Cash & Bank Balances	65.278	101.015	108.522
	Other Current Assets	0.017	0.005	0.970
	Loans & Advances	480.720	453.372	294.925
Total Current Assets		1605.741	1385.672	973.960
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1016.770	0.000	536.149
	Other Current Liabilities	76.480	839.246	67.473
	Provisions	23.204	76.869	11.448
Total Current Liabilities		1116.454	916.115	615.070
Net Current Assets		489.287	469.557	358.890
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1191.023	754.255	579.287

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4694.108	3897.240	2410.088
		Other operating Income		63.255	20.557
		Other Income		72.816	66.347
		TOTAL (A)	4694.108	4033.311	2496.992
Less	EXPENSES
		Cost of sales of trading goods	4304.393	343.911	81.859
		Raw Material Consumed		2592.825	1730.560
		Personnel Expenses		260.504	201.767
		Operating and Other Expenses		359.967	500.698
		Increase in Inventories		(32.911)	(13.790)
		TOTAL (B)	4304.393 (Including Financial and Depreciation )	3524.296	2501.094
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)			509.015	(4.102)
Less	FINANCIAL EXPENSES (D)			12.308	12.711
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			496.707	(16.813)
Less/ Add	DEPRECIATION/ AMORTISATION (F)			78.546	75.753
	PROFIT BEFORE TAX (E-F) (G)		389.714	418.161	(92.566)
Less	TAX (H)		95.980	75.842	5.570
	PROFIT AFTER TAX (G-H) (I)		293.734	342.319	(98.136)
Less	PRIOR PERIOD ITEMS		0.000	(11.440)	25.694
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		523.699	169.939	(54.833)
Add	TRANSFER AS PER SCHEME OF AMALGAMATION		0.000	0.000	348.602
Add	TRANSFERRED FROM PROFIT AND LOSS ACCOUNT		0.000	353.760	(123.830)
	BALANCE CARRIED TO THE B/S		817.433	523.699	169.939
	EARNINGS IN FOREIGN CURRENCY
		F.O.B. value of Exports	58.220	46.782	47.191
		Engineering Income	59.915	56.714	0.000
	TOTAL EARNINGS		118.135	103.496	47.191
	IMPORTS
		Traded Goods	148.566	134.415	93.140
		Raw Materials	1394.097	1516.093	856.370
		Capital Goods	143.788	55.795	33.128
	TOTAL IMPORTS		1686.451	1706.303	982.638
	Earnings Per Share (Rs.)		58.61	94.75	(191.04)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	6.26	8.49	(3.93)
Net Profit Margin (PBT/Sales)	(%)	NA	10.73	(3.84)
Return on Total Assets (PBT/Total Assets}	(%)	19.93	25.65	(7.75)
Return on Investment (ROI) (PBT/Networth)		0.40	0.61	(0.30)
Debt Equity Ratio (Total Liability/Networth)		1.35	1.43	2.77
Current Ratio (Current Asset/Current Liability)		1.44	1.51	1.58

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	Yes
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

NOTE: The Registered office of the company has been shifted from 16, Visveswaraiah Industrial Estate, 1ST Main Road, Off Whitefield Road, Mahadevapura -560048, Karnataka, India to the present address w.e.f.14.07.2011

NATURE OF OPERATIONS

Subject was incorporated on October 15, 2000. The Company is a subsidiary company of Autoliv AB, Sweden, a manufacturer of integrated safety systems for major automotive manufacturers. The products include airbags, steering wheels, seat components and other car safety products.

FIXED ASSETS

· Leasehold Improvements

· Plant and Machinery

· Computers

· Electrical Fittings

· Furniture and Fittings

· Office Equipments

· Vehicles

· Intangible Assets

· Computers Software

· Technical Know how

· Patents

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.54.08
UK Pound	1	Rs.86.69
Euro	1	Rs.69.37

INFORMATION DETAILS

Report Prepared by :

BYI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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	-

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.