MIRA INFORM REPORT

Report Date :

19.04.2013

IDENTIFICATION DETAILS

Name :	SANDEN VIKAS (INDIA) LIMITED
Registered Office :	12-A, Shivaji Marg, New Delhi – 110015
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	23.09.1982
Com. Reg. No.:	55-014381
Capital Investment / Paid-up Capital :	Rs.146.250 Millions
CIN No.: [Company Identification No.]	U45202DL1982PLC014381
TAN No.: [Tax Deduction & Collection Account No.]	DELS00104G
PAN No.: [Permanent Account No.]	AABCS3174M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer and Exporter of Automotive Air Conditioning Systems.
No. of Employees :	450 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1200000
Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The latest financial are not made available. As per previous year’s record, the financial situation is found to be moderate due to huge external borrowings and it incurred loss during 2011. Mr. Rajesh Gupta, Accounts Manager has provided all information but the financial are not verified. Trade relations are reported to be fair. Business is active. Payments are reported to be unknown. The company can be considered for business dealings with great caution. Note : Due to technical error in the government sites, we hereby provide you the report with available details and we would provide you with a on the same company as soon as we get the additional information.

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

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.

INFORMATION PARTED BY

Name :	Mr. Rajesh Gupta
Designation :	Accounts Manager
Contact No.:	91-129-4196033
Date :	18.04.2012

LOCATIONS

Registered / Corporate Office :	12-A, Shivaji Marg, New Delhi – 110015, India
Tel. No.:	91-11-42070707
Fax No.:	91-11-25451004
E-Mail :	rajeshgupta@sandenvikas.com sales@sandenvikas.com dnjain@sandenvikas.com vandana@sandenvikas.com customercare@sandenvikas.com
Website :	http://www.sandenvikas.com
Factory 1 :	Plot No.65, Sector 27A, Faridabad – 121003, Haryana, India
Tel. No.:	91-129-4196141/ 4196000
Fax No.:	91-129-4196196
E-Mail :	info@sandenvikas.com
Factory 2 :	Plot No. 45-46, Industrial Area, NIT, Faridabad – 121001, Haryana, India
Tel No.:	91-129-4093000/ 4093100
Fax No.:	91-129-4023105
Factory 3 :	73/8, Delhi-Mathura Road, Village Mitnol, Aurangabad, Tehsil Hodal, District Faridabad – 121105, Haryana, India
Tel No.:	91-1275-263801/ 263802
Email:	info@pranavvikas.com
Regional Office 1 :	GAT No.1224/1, Sanaswadi, Taluka-Shirur, District Pune-412208, Maharashtra, India
Regional Office 2 :	Kamala Arcade, 669, Anna Salai, Chennai – 600006, Tamilnadu, India
Tel. No.:	91-44-28297384
Fax No.:	91-44-28297273
E-Mail :	svlchenn@md5.vsnl.net.in

DIRECTORS

AS ON 23.07.2012

Name :	Mr. Praveen Agarwal
Designation :	Managing Director
Address :	89, Sunder Nagar, New Delhi – 110003, India
Date of Birth/Age :	03.09.1953
Date of Appointment :	23.09.1982
DIN No.:	00036445
Name :	Mr. Naveen Agarwal
Designation :	Director
Address :	315, The Aralivas, DLF Golf Links, DLF City, Phase 5, Gurgaon - 122009, Haryana, India
Date of Birth/Age :	12.06.1959
Date of Appointment :	06.11.1989
DIN No.:	00036585
Name :	Mr. Takamasa Okura
Designation :	Whole Time Director
Address :	1306-A, Beverley Park-II, DLF, Phase II, Gurgaon – 122 002, Haryana, India
Date of Birth/Age :	20.03.1949
Date of Appointment :	15.12.2008
DIN No.:	02277300
Name :	Mr. Robert Kheng
Designation :	Director
Address :	11, Gilsted Road 03-04, Singapore-309065
Date of Birth/Age :	29.12.1954
Date of Appointment :	11.12.2009
DIN No.:	02764104
Name :	Mr. Yuichi Yasui
Designation :	Director
Address :	Kameido 3-38-16, Koto-KU, Tokyo, Japan
Date of Birth/Age :	03.12.1954
Date of Appointment :	03.03.2008
DIN No.:	02093735
Name :	Mrs. Puja Agarwal
Designation :	Director
Address :	89, Sunder Nagar, New Delhi – 110003, India
Date of Birth/Age :	17.02.1957
Date of Appointment :	12.06.2002
DIN No.:	01147894

KEY EXECUTIVES

Name :	Mr. Dinesh Nandan Jain
Designation :	Secretary
Address :	70, F – 26, Sector 7, Rohini, New Delhi – 110085, India
Date of Birth/Age :	03.04.1954
Date of Appointment :	26.12.1983
PAN No.:	AEFPJ8401B
Name :	Mr. Rajesh Gupta
Designation :	Accounts Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.07.2012

Names of Shareholders	No. of Shares
Praveen Agarwal	4607325
Naveen Agarwal	1462500
Surabhi Tuli	36000
Sumitra Agarwal	99000
Sumedha Impex Private Limited, India	486000
Dinesh Nandan Jain	45
Kenmore Vikas (India) Private Limited, India	621630
Sanden Corporation, Japan	990000
Sanden International Singapore Pte Limited, Singapore	6322500
Total	14625000

AS ON 23.07.2012

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Bodies corporate	7.57
Directors or relatives of directors	42.43
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Exporter of Automotive Air Conditioning Systems.

Products :

Product Description	ITC Code
Air Conditioning Kits for Automobiles	841520.00
Gas Compressors	841480.01
Air Conditioning Parts	841590.00

Exports :

Products :

Automotive Air Conditioning Systems

Countries :

Ø Japan

Ø Indore

Ø Germany

Imports :

Products :

Raw Material

Countries :

Ø Japan

Ø China

Ø Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Automotive Gas Compressor with Magnetic Clutch	Nos.	800000	379748
Automotive Air conditioning System/Kit (including Part Kits)	Nos.	480000	439794

GENERAL INFORMATION

Customers :

End Users

Ø Maruti Suzuki

Ø Skoda

Ø Renault

Ø Honda

Ø GM

Ø Tata

Ø Fiat

Ø HM

Ø Denso

Ø Behr

Ø AMW

Ø Sonalika International

Ø Keihin

Ø Ford

Ø M and M

Ø Eicher

Ø Suzuki Powertrain India Limited

Ø Asia Motors

Ø Avtec Limited

Ø PVL

Ø Mahindra

Ø Nissan

No. of Employees :

450 (Approximately)

Bankers :

Ø Mizuho Corporate Bank Limited, 4^th Floor, East Tower, Sood Tower, 25, Barakhamba Road, New Delhi – 110001, India

Ø Oriental Bank of Commerce, 104, Old Rajinder Nagar, New Delhi – 110060, India

Ø The Bank of Tokyo Mitsubishi UFJ Limited, Jeevan Vihar Building, 3, Parliament Street, New Delhi – 110001, India

Ø Standard Chartered Bank, Sansad Marg, New Delhi, India

Ø Kotak Mahindra Bank

Facilities :

Secured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans secured
Rupee term loans banks secured	446.875	265.625
Working capital loans secured
Working capital loans banks secured	96.203	184.399
Other debt secured	3.132	4.717
Interest accrued due secured loans
Interest accrued due other debt secured	0.063	0.105
Total	546.273	454.846
NOTES: (A) a) Term Loans from The Mizuho Corporate Bank Limited and The Bank of Tokyo Mitsubishi UFJ Limited are secured by a first charge in form of joint mortgage by deposit of title deeds in respect of immovable property at Plot no 65 Sector 27-A, Faridabad together with all Buildings and structures thereon and all Plant and machinery (both movable and immovable) situated at the factory on pari-pasu basis with each other. (B) b) Cash Credit Facilities from Oriental Bank of Commerce is secured by hypothecation of stocks of raw materials, stock-in-process, finished goods and book debts on pari-pasu basis with Standard Chartered Bank and are also secured by a second charge on fixed assets of the company. In respect of the above Mr. Praveen Agarwal and Mr. Naveen Agarwal, Directors of the Company have given their personal guarantees. c) Cash Credit Facilities, Short Term Loan, Working Capital Term and Demand Loans from the Mizuho Corporate Bank Limited is secured against second charge on current assets of the company. d) Loan Facilities from Standard Chartered Bank is secured by hypothecation of stocks of raw materials, stock-in-process, finished goods and book debts on pari-pasu basis with Oriental Bank of Commerce and is also guaranteed in personal capacity by Mr. Praveen Agarwal and Mr. Naveen Agarwal, Directors of the Company. (C) e) Auto Loan is secured by way of hypothecation of vehicles.

Banking Relations :	--
Auditors :
Name :	N. Narasimhan and Company Chartered Accountants
Address :	211-Hans Bhawan, Bahadur Shah Zafar Marg, New Delhi – 110002, India
Income-tax PAN of auditor or auditor's firm :	AABPN5851B
Joint Ventures Enterprise :	Ø Sanden Corporation – Japan
Enterprise having substantial interest :	Ø Sanden International Singapore Pte Limited
Companies controlled or under significant influence of directors :	Ø Pranav Vikas (India) Limited Ø Ecocat India Private Limited Ø Borgwarner Vikas Emission Systems India Private Limited Ø Kenmore Vikas (India) Private Limited Ø Gallay India Private Limited Ø Autovikas Sales and Service Private Limited Ø Dayco Vikas Engine Systems Private Limited Ø Sata Vikas India Limited Ø RPS Vikas Castings Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
22000000	Equity Shares	Rs.10/- each	Rs. 220.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14625000	Equity Shares	Rs.10/- each	Rs. 146.250 Millions

Note

Out of the above 11375000 Equity shares of Rs 10 each were allotted as fully paid up Bonus shares by capitalization of Profit and Loss account

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		146.250	146.250	146.250
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		163.670	182.309	110.242
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		309.920	328.559	256.492
LOAN FUNDS
1] Secured Loans		546.273	454.846	485.116
2] Unsecured Loans		664.806	703.795	597.320
TOTAL BORROWING		1211.079	1158.641	1082.436
DEFERRED TAX LIABILITIES		0.000	3.190	0.000
TOTAL		1520.999	1490.390	1338.928
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1226.706	1188.746	1198.582
Capital work-in-progress		17.800	27.120	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		17.137	0.000	16.787
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	717.218	561.472	748.081
	Sundry Debtors	509.206	379.411	383.780
	Cash & Bank Balances	17.461	30.952	17.876
	Other Current Assets	0.000	0.000	0.650
	Loans & Advances	190.181	165.020	112.251
Total Current Assets		1434.066	1136.855	1262.638
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	1116.450	785.214	1074.299
	Other Current Liabilities	58.914	58.253	62.606
	Provisions	0.097	19.722	3.140
Total Current Liabilities		1175.461	863.189	1140.045
Net Current Assets		258.605	273.666	122.593
MISCELLANEOUS EXPENSES		0.751	0.858	0.966
TOTAL		1520.999	1490.390	1338.928

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	4859.816	4053.028	1525.897
		Trading Sales	0.000	0.000	1484.730
		Other Income	22.221	104.739	(103.416)
		TOTAL (A)	4882.037	4157.767	2907.211
Less	EXPENSES
		Consumption materials changes inventories	4276.654	3545.833	1143.376
		Manufacturing service costs	186.696	138.151	1682.536
		Employee related expenses	181.248	136.098	0.000
		Administrative selling other expenses	94.298	79.790	290.565
		Prior period expenses	0.349	0.346	0.265
		Decrease / (Increase) in stock	0.000	0.000	(98.592)
		Excise Duty on Inc./(Dec) in Finished Goods	0.000	0.000	(0.978)
		TOTAL (B)	4739.245	3900.218	3017.172
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		142.792	257.549	(109.961)
Less	FINANCIAL EXPENSES (D)		94.705	65.649	51.812
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48.087	191.900	(161.773)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		87.403	79.868	42.130
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(39.316)	112.032	(203.903)
Less	TAX (H)		(20.677)	39.966	(82.338)
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(18.639)	72.066	(121.565)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		155.256	83.190	204.755
	BALANCE CARRIED TO THE B/S		136.617	155.256	83.190
	EARNINGS IN FOREIGN CURRENCY		3.787	8.882	1.070
	IMPORTS
		Materials/Components/ Consumables	2102.880	2169.435	551.485
		Purchases of Traded Goods	443.374	871.048	1682.537
		Plant and Machinery including transit	24.082	76.197	400.315
	TOTAL IMPORTS		2570.336	3116.680	2634.337
	Earnings / (Loss) Per Share (Rs.)		(1.27)	4.93	(8.31)

Particulars	31.03.2013	31.03.2012
Sales Turnover (Approximately)	6100.000	5270.000

Expected Sales (2013-2014): Rs. 7500.000 Millions

The above information has been parted by Mr. Rajesh Gupta [Accounts Manager]

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	(0.38)	1.73	(4.18)
Net Profit Margin (PBT/Sales)	(%)	(0.81)	2.76	(6.77)
Return on Total Assets (PBT/Total Assets}	(%)	(3.16)	4.82	(8.28)
Return on Investment (ROI) (PBT/Networth)		(0.13)	0.34	(0.79)
Debt Equity Ratio (Total Debt/Networth)		3.91	3.53	4.22
Current Ratio (Current Asset/Current Liability)		1.22	1.32	1.11

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	Yes
10]	Designation of contact person	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
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	No

UNSECURED LOANS

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
Rupee term loans unsecured
Rupee term loans banks unsecured	271.766	311.795
Foreign currency loans unsecured
Foreign currency loans banks unsecured	393.040	392.000
Total	664.806	703.795
NOTES: (A) b) Facilities from Kotak Mahindra Bank is secured by personal guarantees of Mr. Praveen Agarwal and Mr. Naveen Agarwal, Directors of the Company. (B) a) External Commercial Borrowings (ECB) has been received from Mizuho Corporate Bank – Singapore for the expansion and capital investments of the Company. Amount outstanding as on balance sheet date Japanese Yen 800 million.

BUSINESS OPERATIONS

There was a considerable improvement in the business of the Company and the directors are happy to announce that the company could achieve a total net sale of Rs. 4,859.81 Million against a sale of Rs. 4,053.02 Million during the year, a growth of 19.90%. However, the bottom line was under pressure on account of higher input costs, price down demands from customers, higher financial cost and delay in localisation and accordingly the Company ended up with IBITDA of 142.7 million against Rs 257.5 million in the previous year. The signs of recovery in the Economy appear to be permanent, which should help the improvement in the Company’s performance in the current year. While continuing the business with their existing customers, viz. Maruti Suzuki, Suzuki Powertrain, M and M, Fiat India TATA Motors, and Honda. They added new customers Volkswagen India for variable compressor and Renault Nissan for Hose and Pipe business. Maruti Suzuki, one of their major customer introduced new models like SX4DSL, YR-9 (New Wagon R) and during the year thereby improving the business. Design and development up gradation was carried out for TATA Motor’s Winger, which helped in the regular supplies to customer. The design and development activity for the new model 1 Ton Ace as well as Micro Bus, is also being carried out.

FIXED ASSETS

Ø Land

Ø Buildings

Ø Plant and Machinery

Ø Technical

Ø Furniture and Fixtures

Ø Office Equipments

Ø Vehicles

Ø Electrical Fittings (R and D)

Ø Computers (R and D)

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. 54.03
UK Pound	1	Rs. 82.43
Euro	1	Rs. 70.49

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	--
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.