MIRA INFORM REPORT

Report Date :

08.11.2012

IDENTIFICATION DETAILS

Name :	CATERPILLAR INDIA PRIVATE LIMITED
Registered Office :	7^th Floor, International Tech Park, Chennai, Taramani Road, Taramani. Chennai – 600 113, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	07.12.2000
Com. Reg. No.:	18-046255
Capital Investment / Paid-up Capital :	Rs. 1772.164 Millions
CIN No.: [Company Identification No.]	U29244TN2000FTC046255
TAN No.: [Tax Deduction & Collection Account No.]	CHEC02709A
PAN No.: [Permanent Account No.]	AABCC4615K
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacturer, Exporter and Distributor of Earth Moving Equipments.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (70)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 26370000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Caterpillar Commercial SA, Belgium. It is well established and reputed company having good track record. Financially company appears strong. Fundamental are healthy liquidity of the company is good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. In view of strong holding the company can be considered 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

EXTERNAL AGENCY RATING

Rating Agency Name	FITCH
Rating	AAA (Long Term Rating)
Rating Explanation	Lowest expectation of default risk. They are assigned only in cases of exceptionally strong capacity for payment of financial commitments.
Date	March 2012

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 :	7^th Floor, International Tech Park, Chennai, Taramani Road, Taramani, Chennai – 600113, Tamilnadu, India
Tel. No.:	91-44-42691001-2
Fax No.:	91-44-42691003
E-Mail :	catindia_cs@cat.com thirumalai_varadharajan@cat.com kodukulla_surya@cat.com
Website :	http://www.cat.com

DIRECTORS

AS ON 30.09.2012

Name :	Mr. Ajay Shankar
Designation :	Whole time Director
Address :	1121 W Austin Drive, Peoria, Illinois, USA – 61614.
Date of Birth/Age :	26.08.1948
Date of Appointment :	01.10.2008
DIN No.:	00387684

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	U72200DL2000PTC108425	AXIS INFOWAY (INDIA) PRIVATE LIMITED	Director	15/10/2004	15/10/2004	01/12/2008	Active	NO
2	U74899DL1998PLC095822	AXIS COGENT GLOBAL LIMITED	Director	28/11/2004	28/11/2004	01/02/2008	Active	NO
3	L72200DL1990PLC041275	AXIS –IT AND T LIMITED	Whole-time director	29/07/2005	29/07/2005	01/02/2008	Active	NO
4	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Whole-time director	27/08/2009	01/10/2008	-	Active	NO

Name :	Mr. Rengarajan Sundararajan
Designation :	Whole time Director
Address :	Flat 401, Building No. 10, Shanthi Park Apartments, Jayanagar 9^th Block, Bangalore – 560 069, Karnataka. India
Date of Birth/Age :	11.04.1965
Date of Appointment :	24.07.2006
DIN No.:	00548101

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	U33111TN1986PTC013513	BOOPATHY ASSOCIATES PRIVATE LIMITED	Director	16/10/1986	16/10/1986	-	Active	NO
2	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Whole-time director	12/12/2007	24/07/2006	-	Active	NO
3	U29309TN1998PTC040878	CATERPILLAR COMMERCIAL PRIVATE LIMITED	Director	09/05/2007	27/11/2006	11/12/2007	Amalgamated	NO
4	U93090TN1988FTC016361	CATERPILLAR POWER INDIA PRIVATE LIMITED	Director	14/09/2007	13/12/2006	-	Amalgamated	NO

Name :	Mr. Kevin R Thieneman
Designation :	Director
Address :	30 Mount Elizabeth Link, High Point #21-30 Singapore - 228519
Date of Birth/Age :	15.02.1963
Date of Appointment :	17.01.2007
DIN No.:	01586070

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	Company/ LLP Status	Defaulting status
1	U93090TN1988FTC016361	CATERPILLAR POWER INDIA PRIVATE LIMITED	Director	14/09/2007	13/12/2006	Amalgamated	NO
2	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Director	17/01/2007	17/01/2007	Active	NO

Name :	Mr. Ganesh Ramamurthy Iyer
Designation :	Whole time Director
Address :	2, Leonie Hill Road, 02 02, Leonie Condotel, Singapore – 239192
Date of Birth/Age :	01.06.1968
Date of Appointment :	01.10.2008
DIN No.:	02388483

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	Company/ LLP Status	Defaulting status
1	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Whole-time director	27/08/2009	01/10/2008	Active	NO

Name :	De Vliegher Alexis Marie Suzanne Pierre Antonie
Designation :	Whole Time Director
Address :	17-06-2007, 9831, 31/A, Pontstraat
Date of Birth/Age :	03.06.1972
Date of Appointment :	01.07.2010
DIN No.:	03105639

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	Company/ LLP Status	Defaulting status
1	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Whole-time director	22/09/2010	01/07/2010	Active	NO

Name :	Mr. Vanmeeganathan Vivek Anand
Designation :	Director
Address :	4A, 13^th Cross, Barathi Nagar Extension, Puthur PO, Trichy-620017, India
Date of Birth/Age :	25.06.1976
Date of Appointment :	15.06.2011
DIN No.:	03561588

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	Company/ LLP Status	Defaulting status
1	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Director	28/09/2011	15/06/2011	Active	NO

Name :	Mr. Ramesh Muthuraman
Designation :	Additional Director
Address :	Villa No.99, Himagiri Meadows, Near Gottigere Bannerghatta Road, Bangalore-560083, Karnataka, India
Date of Birth/Age :	01.01.1971
Date of Appointment :	28.06.2012
DIN No.:	05316127

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	Company/ LLP Status	Defaulting status
1	U29244TN2000FTC046255	CATERPILLAR INDIA PRIVATE LIMITED	Director	26/09/2012	28/06/2012	Active	NO

KEY EXECUTIVES

Name :	Mr. Kodukulla Suryanarayana
Designation :	Secretary
Address :	Munnenahalli, Marathahalli Bridge, Marathahalli, Bangalore-560037, Karnataka, India
Date of Birth/Age :	24.05.1971
Date of Appointment :	31.01.2011
PAN No.:	AGJPK7305H

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Names of Shareholders	No. of Shares
Caterpillar Commercial S.A., Belgium	169216359
Caterpillar Commercial LLC, USA	75
Caterpillar Inc, USA	7199928
F G Wilson (Engineering) UK Limited, United Kingdom	800000
TOTAL	177216362

AS ON 30.09.2012

Equity Shares Break Up	Percentage of Holding
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, Exporter and Distributor of Earth Moving Equipments.

Products :

Products	ITC Code No.
Earth Moving Machinery	8429.00/ 8704.00
Spare parts for Earthmoving machinery etc. Software Services	8431.00/ 8708.00
Compression Igintion Internal Combustion Diesle Engines	840890.09
Parts for Diesel Engines	840999.19
Generating Sets	850213.01
Software Services	--
Services- Marketing of Caterpillar Products	--
Services- O and M And E and C Contracts	--

PRODUCTION STATUS (AS ON : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Earthmoving Machinery (including Bulldozers, Dumpers and Loaders)	Nos.	2600	*2415
Diesel Engines	Nos.	4300	**3632
Generating Sets	Nos.	1300	*1168
Transmissions	Nos.	800	*644

* Includes 101 units produced at subcontractor location and 1 portotype unit produced for testing purposes

** Includes 1 unit capitalised and 1 unit scrapped.

* Includes 7 units scrapped during the year

* Includes 2 units reworked on stock transferred from the amalgamating company

* Includes 4 Nos. scrapped during the year Installed Capacity is on multiple shift basis per annum as certified by the management

GENERAL INFORMATION

No. of Employees :

300 (Approximately)

Bankers :

• Central Bank of India, Addison Buildings, Anna Salai, Chennai – 600 002, Tamilnadu, India

• Bank of America, Chennai, Tamilnadu, India
• Citibank, Chennai, Tamilnadu, India

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Other external commercial borrowings unsecured	2844.148	0.000
Working capital loans unsecured
Working capital loans banks unsecured	0.000	2500.000
Working capital loans others unsecured	200.000	80.000
Interest accrued due unsecured loans
Interest accrued due other debt unsecured	2.176	0.243
TOTAL	3046.324	2580.243

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountant
Address :	32, Khader Nawaz Khan Road, Nungambakkam, Chennai – 600004, Tamilnadu, India
PAN No.:	AAEFP3641G
Holding Company :	· Caterpillar Commercial SA, Belgium
Ultimate Holding Company :	· Caterpillar Inc, USA
Fellow Subsidiaries :	· Caterpillar SARL, Switzerland · Caterpillar SARL, Singapore · Caterpillar Commercial LLC, USA · Caterpillar Underground Mining Pty Limited · Caterpillar Logistics Services India Private Limited · Caterpillar (UK) Limited, England · Caterpillar of Australia Pty Limited · Caterpillar Japan Limited, Japan · Caterpillar Motorein GMBH and Company KG, Germany · Caterpillar Asia Pte Limited, Singapore · Caterpillar Xuzhou Limited · Perkins Engine Company Limited, England · Turner Powertrain Systems Limited · Caterpillar Services Limited, USA · Caterpillar Xuzhou Design Centre Limited, China · Caterpillar Logistics Services Japan · Caterpillar Services Limited, Japan · FG Wilson Asia Pte Limited · FG Wilson (Engineering) Limited, UK · PT Natra Raya · Solar Turbines Inc. · Caterpillar (Suzhou) Compnay Limited · Caterpillar SARL – Gosselies · Caterpillar SARL – Grimbergen · Caterpillar SARL – Geneva · Caterpillar SARL – Grenoble · Caterpillar Panama Services S.A · Caterpillar Asia Limited · Caterpillar Paving Products Xuzhou Limited · Caterpillar Peterlee Limited · Turbomach (India) Private Limited · Caterpillar Group Services · Caterpillar Power Generation Systems, Kiel, Germany · Caterpillar Marine Asia Pacific Pte Limited, Singapore · Solar Turbines International Company, Singapore · Caterpillar Logistic Services Shangai Company Limited
Associates :	· Asimco International Casting (Shanxi) Company Limited, China

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
199000000	Equity Shares	Rs.10/- each	Rs. 1990.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
177216362	Equity Shares	Rs.10/- each	Rs. 1772.164 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		1772.164	1764.164	1692.164
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		4820.732	1967.851	974.643
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6592.896	3732.015	2666.807
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		3046.324	2580.243	2478.986
TOTAL BORROWING		3046.324	2580.243	2478.986
DEFERRED TAX LIABILITIES		181.930	109.910	0.000
TOTAL		9821.150	6422.168	5145.793
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		3945.503	2928.577	2613.067
Capital work-in-progress		742.341	100.667	432.257
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	144.250
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	8174.640	5613.469	7270.230
	Sundry Debtors	4306.289	2418.958	2684.869
	Cash & Bank Balances	852.439	55.733	152.975
	Other Current Assets	0.000	0.000	0.479
	Loans & Advances	2392.213	1776.671	2055.083
Total Current Assets		15725.581	9864.831	12163.636
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	9228.561	4510.921	8325.524
	Other Current Liabilities	957.416	1665.260	1598.807
	Provisions	406.298	295.726	283.086
Total Current Liabilities		10592.275	6471.907	10207.417
Net Current Assets		5133.306	3392.924	1956.219
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		9821.150	6422.168	5145.793

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	24017.015	13933.794	15097.837
		Other Income	4266.368	3056.472	2213.816
		TOTAL	28283.383	16990.266	17311.653
Less	EXPENSES
		Office Expenses
		Administrative Expenses	24140.124	15599.071	17680.325
		Advertising Expenses
		TOTAL	24140.124	15599.071	17680.325
	PROFIT / (LOSS) BEFORE TAX		4143.259	1391.195	(368.672)
Less	TAX		1228.578	336.429	(113.735)
	PROFIT / (LOSS) AFTER TAX		2914.681	1054.766	(254.937)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1560.568	555.802	810.739
	APPROPRIATIONS
		Transfer to General Reserve	0.000	50.000	0.000
	BALANCE CARRIED TO THE B/S		4401.449	1560.568	555.802
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings		5826.488	4863.990
		Income from Engineering Design Services	16126.580	1823.224	1649.391
		Fees for Business Support Service		275.267	274.967
		Service Fee for Marketing Support		98.785	0.000
	TOTAL EARNINGS		16126.580	8023.764	6788.348
	IMPORTS
		Raw Materials	NA	3488.194	7370.890
		Traded Items	NA	54.599	1176.658
		Capital Goods	NA	247.919	498.110
	TOTAL IMPORTS		NA	3790.712	9045.658
	Earnings Per Share (Rs.)		16.45	5.98	--

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	10.31	6.21	(1.47)
Net Profit Margin (PBT/Sales)	(%)	17.25	9.98	(2.44)
Return on Total Assets (PBT/Total Assets}	(%)	21.06	10.87	(2.47)
Return on Investment (ROI) (PBT/Networth)		0.63	0.37	(0.14)
Debt Equity Ratio (Total Liability/Networth)		2.10	2.45	4.76
Current Ratio (Current Asset/Current Liability)		1.48	1.52	1.19

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	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)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

NOTE

The registered office of the company has been shifted from 6 B, GST Road, Street Thomas Mount, Chennai – 600 016, Tamilnadu, India, to the present address w.e.f. 30.06.2008

MACHINE DIVISION

During the year, the company experienced a significant upturn coming out of a deep recession the previous year. Significant investments were made during the year to introduce state of the art manufacturing technologies which positively impacted People, Quality, Velocity and Cost and to build additional capacities which helped to capitalize on the increase in demand for Mining trucks in the Emerging markets. Several New Products introductions are in progress which would augur well for the company in 2011-12.

POWER SYSTEMS DIVISION

During the year, the company shipped several models of gas and diesel engines and exported these products to various parts of the world. The division experienced good growth during the year because of the global economic turnaround. Continuous efforts are made to control costs in order to put a sustainable cost structure in place. A number of process improvements were made which are aiding the ramp up.

The Power Systems Division (PSD) had no recordable injury during the year. PSD won the “Facility of Distinction” Award for the Seventh consecutive year from Caterpillar Inc. during the year.

FIXED ASSETS

· Freehold Land

· Buildings

· Plant and Machinery

· Equipment

· Furniture and Fittings

· Vehicles

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 transaction 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. 54.25
UK Pound	1	Rs. 87.00
Euro	1	Rs. 69.83

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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		70

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.