MIRA INFORM REPORT

Report Date :

01.08.2013

IDENTIFICATION DETAILS

Name :	DAIMLER INDIA COMMERCIAL VEHICLES PRIVATE LIMITED (w.e.f. 27.05.2009)
Formerly Known As :	DAIMLER HERO COMMERCIAL VEHICLES LIMITED FORTIUS MOTOR LIMITED
Registered Office :	SIPCOT Industrial Growth Centre, Oragadam, Mathur Post-Sriperumbudur Taluk, District Kancheepuram – 602105, Tamilnadu
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	10.12.2007
Com. Reg. No.:	18-072876
Capital Investment / Paid-up Capital :	Rs.17256.071 Millions
CIN No.: [Company Identification No.]	U34200TN2007PTC072876
TAN No.: [Tax Deduction & Collection Account No.]	CHED07527C
PAN No.: [Permanent Account No.]	AABCF1590N
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Motor Vehicles.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 59500000
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Daimler AG, Germany. It is an established company having a satisfactory track record. There appear some accumulated losses recorded by the company. However, it receives better support from its group. Trade relations are reported as fair. Business is active. Payment terms are regular. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: AA
Rating Explanation	High degree of safety and very low credit risk.
Date	23.03.2012

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.

INFORMATION PARTED BY (General Details)

Name :	Ms. Diana
Designation :	Communication Executive
Contact No.:	91-44-49694000
Date :	19.07.2013

LOCATIONS

Registered Office/ Factory	SIPCOT Industrial Growth Centre, Oragadam, Mathur Post-Sriperumbudur Taluk, District Kancheepuram – 602105, Tamilnadu, India
Tel. No.:	91-44-42946300/ 49694000/ 71710500
Fax No.:	91-44-42036836/ 49694881
E-Mail :	dinakara.babu@daimler.com rishab.jain@daimler.com vijayabaskar.g@daimler.com
Website :	http://www.daimler.com http://www.daimler-indiacv.com
Location :	Owned
Corporate Office :	Unit 201, 2^nd Floor, Campus 3B, RMZ Millennia, Business Park, No.143, Dr. MGR Road, Perungudi, Chennai – 600096, Tamilnadu, India.
Tel No.:	91-44-45996000
Fax No.:	91-44-42853620

DIRECTORS

(AS ON 18.09.2012)

Name :	Mr. Andreas Hermann Renschler
Designation :	Director
Address :	Lenbachstrasse 31, Stuttgart-70192, Germany
Date of Birth/Age :	29.03.1958
Date of Appointment :	21.04.2008
DIN No.:	02159495
Name :	Mr. Stefan Erwin Buchner
Designation :	Director
Address :	Eichenweg 9, Tamm-71732, Germany
Date of Birth/Age :	18.01.1960
Date of Appointment :	21.04.2008
DIN No.:	02159549
Name :	Mr. Albert Xaver Kirchmann
Designation :	Director
Address :	Rosenstrasse 10, Ostfildern-73760, Germany
Date of Birth/Age :	16.12.1956
Date of Appointment :	21.04.2008
DIN No.:	02159541
Name :	Mr. Georg Weiberg
Designation :	Director
Address :	Hecknrosenweg 8, Stuttgart-70619, Germany
Date of Birth/Age :	01.08.1947
Date of Appointment :	21.04.2008
DIN No.:	02159559
Name :	Mr. Marc Llistosella Y Bischoff
Designation :	Managing Director
Address :	Werastrasse 109 Stuttgart-70190 Germany
Date of Birth/Age :	12.03.1967
Date of Appointment :	11.09.2009
DIN No.:	02220265
Name :	Mr. Harald Friedrich Hermann Landmann
Designation :	Director
Address :	Josef Hollerbach, STR 19, Gaggenau-76571, Germany
Date of Birth/Age :	21.11.1944
Date of Appointment :	21.04.2008
DIN No.:	02220252
Name :	Mr. Werner Thurner
Designation :	Director
Address :	Odenwaldstrabe 4B, Orsteil Leutershausen, Hirschberg Ad,Bergstrabe- 69493, Germany
Date of Birth/Age :	18.04.1957
Date of Appointment :	11.09.2009
DIN No.:	02734817
Name :	Mr. Rainer Bechmann
Designation :	Alternate Director
Address :	Hintere Schafstrasse 8, Stuttgart-70599, Germany
Date of Birth/Age :	07.06.1962
Date of Appointment :	10.11.2008
DIN No.:	02371676
Name :	Mr. Matthias Grundler
Designation :	Director
Address :	Fohrenweg 9 Alberhausen – 73095 Germany
Date of Birth/Age :	16.09.1965
Date of Appointment :	19.04.2012
DIN No.:	05233816

KEY EXECUTIVES

Name :	Mr. Vijayabaskar G
Designation :	Secretary
Address :	Plot No.504, New 6 18^th Street, 4^th Sector, K K Nagar, Chennai – 600078, Tamilnadu, India
Date of Birth/Age :	21.09.1979
Date of Appointment :	07.09.2012
Pan No.:	AFLPV7791R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 18.09.2012)

Names of Shareholders	No. of Shares
Daimler AG, Germany	2068352070
Saniv Khurana	5
Thirumalai Narayanan	5
Andreas Renschler	10
Stefan Buchner	10
Marc Llistosella Y Bischoff	5
Vijayabaskar G	5
Total	2068352110

(AS ON 19.11.2012)

Names of Allottees	No. of Shares Allotted
Daimler AG, Germany	169148500
Total	169148500

(AS ON 18.03.2013)

Names of Allottees	No. of Shares Allotted
Daimler AG, Germany	180275000
Total	180275000

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Motor Vehicles.

Products :

Products Description	Item Code No.
Commercial Vehicles	87042311

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

GENERAL INFORMATION

Customers :

OEM’s

No. of Employees :

150 (Approximately)

Bankers :

· State Bank of India

· Deutsche Bank AG, Germany

· The Hongkong and Shangai Banking Corporation Limited, Hong Kong

· CITI Bank

Facilities :

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Long Term Borrowings
Term loan - External Commercial Borrowings (The above loan is availed from Daimler, AG, Germany – the holding and ultimate holding company under External Commercial Borrowings mode. The loan is repayable within the period June 2016 to December 2018 and it carries interest rates in the range of 6.80% - 8.63% per annum.)	12291.699	4768.850
Short Term Borrowings
Loan from Banks (The unsecured loan from HSBC amounting to Rs1400.000 Millions represents loans towards working capital facilities. The loan is secured by way of a corporate guarantee provided by Damiler AG, Germany. The interest rate on this loan varies from 9.50% to 11.20% per annum.) (The unsecured loan from Citibank amounting to Rs.400.000 Millions represents loans towards working capital facilities. The loan is secured by way of a corporate guarantee provided by Damiler AG, Germany. The interest rate on this loan varies from 9.75% to 11.25% per annum.)	1800.000	1000.000
Total	14091.699	5768.850

Banking Relations :	--
Auditors :
Name :	BSR and Company Chartered Accountant
Address :	Lodha Excelus, 1^st Floor, Apollo Mills Compound, N M Joshi Marg, Mahalakshmi, Mumbai – 400011, Maharashtra, India
PAN No.:	AAIFB4734C
Holding and Ultimate Holding Company :	· Daimler AG, Germany
Fellow Subsidiaries :	· Daimler Truck North America LLC, North America (DTNA) · Mercedes Benz Project Consult GmbH, Germany (MBPC) · Mitsubishi Fuso Truck and Bus Corporation, Japan (MFTBC) · Mercedes Benz Turk A.S, Turkey (MB Turkey) · Mercedes -Benz do Brasil Ltda, Brazil (MB Brasil) · Mercedes Benz India Private Limited, India (MB India) · Daimler South East Asia Pte Limited, Singapore · Daimler Financial Service AG, Germany · Daimler Financial Services India Private Limited, India (DFS India) · PT Mercedes Benz Distribution, Indonesia · Mercedes Benz Research and Development Private Limited, India (MBRD) · Daimler International Assignment Service, USA (DIAS) · Mercedes Benz SA (Pty) Limited, South Africa · Mercedes Benz US International Inc, USA · Mercedes Benz Passenger Car CA., USA

CAPITAL STRUCTURE

(AFTER 18.09.2012)

Authorised Capital:

No. of Shares	Type	Value	Amount
4000000000	Equity Shares	Rs.10/- each	Rs.40000.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2597547360	Equity Shares	Rs.10/- each	Rs.25975.474 Millions

(AS ON 18.09.2012)

Authorised Capital:

No. of Shares	Type	Value	Amount
3000000000	Equity Shares	Rs.10/- each	Rs.30000.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
2417775610	Equity Shares	Rs.10/- each	Rs.24177.756 Millions

(AS ON 31.03.2012)

Authorised Capital:

No. of Shares	Type	Value	Amount
2500000000	Equity Shares	Rs.10/- each	Rs.25000.000 Millions

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
1725607110	Equity Shares	Rs.10/- each	Rs.17256.071 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	17256.071	10155.348
(b) Reserves & Surplus	(2374.104)	(817.557)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	621.900
Total Shareholders’ Funds (1)+(2)	14881.967	9959.691
(3) Non-Current Liabilities
(a) long-term borrowings	12291.699	4768.850
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	101.933	41.018
Total Non-current Liabilities (3)	12393.632	4809.868
(4) Current Liabilities
(a) Short term borrowings	1800.000	1000.000
(b) Trade payables	1795.024	1394.713
(c) Other current liabilities	2427.407	1110.498
(d) Short-term provisions	19.058	3.994
Total Current Liabilities (4)	6041.489	3509.205
TOTAL	33317.088	18278.764
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2302.901	1878.887
(ii) Intangible Assets	102.131	8.651
(iii) Capital work-in-progress	17910.646	9920.756
(iv) Intangible assets under development	4540.054	15.973
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	4636.734	3373.208
(e) Other Non-current assets	31.657	24.627
Total Non-Current Assets	29524.123	15222.102
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	613.912	392.426
(c) Trade receivables	438.870	596.806
(d) Cash and cash equivalents	479.867	944.337
(e) Short-term loans and advances	2259.945	1121.032
(f) Other current assets	0.371	2.061
Total Current Assets	3792.965	3056.662
TOTAL	33317.088	18278.764

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5921.309
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(513.763)
NETWORTH		5407.546
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		1408.000
TOTAL BORROWING		1408.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		6815.546
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1543.852
Capital work-in-progress		5592.105
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	738.131
	Other Current Assets	0.000
	Loans & Advances	629.204
Total Current Assets		1367.335
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	1599.421
	Other Current Liabilities	78.498
	Provisions	9.827
Total Current Liabilities		1687.746
Net Current Assets		(320.411)
MISCELLANEOUS EXPENSES		0.000
TOTAL		6815.546

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		TOTAL	NA	NA	53.098
Less	EXPENSES
		TOTAL	NA	NA	208.508
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(1532.000)	(290.410)	(155.410)
Less/ Add	DEPRECIATION/ AMORTISATION		25.000	13.370	4.610
	PROFIT BEFORE TAX		(1557.000)	(303.790)	(160.020)
Less	TAX		0.000	0.000	0.000
	PROFIT AFTER TAX		(1557.000)	(303.790)	(160.020)
	BALANCE CARRIED TO THE B/S		(2374.000)	(817.550)	(513.690)
	Earnings Per Share (Rs.)		(0.90)	(0.30)	(0.27)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	NA	NA	(301.37)
Return on Total Assets (PBT/Total Assets}	(%)	(14.33)	(3.64)	(5.50)
Return on Investment (ROI) (PBT/Networth)		(0.10)	(0.03)	(0.03)
Debt Equity Ratio (Total Debt/Networth)		0.95	0.58	0.26
Current Ratio (Current Asset/Current Liability)		0.63	0.87	0.81

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 one 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	Yes
20]	Export / Import details (if applicable)	No
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 E-1, Qutab Hotel Complex, Shaheed Jeet Singh Marg, New Delhi-110016, India to the present address w.e.f. 01.09.2009.

FINANCIAL RESULTS

While the company is yet to start its sales activities, generated seed Sales revenue on account of sale of Mercedes-Benz Trucks during year is. The Company has reported a loss of INR 2,374 million, as against loss of INR 817.55 million in 2010-2011 after tax.

The year had its proud moments to celebrate which included the product unveiling of the Bharat Benz trucks. A series between 6 and 49 tons range of trucks were displayed during the product unveiling held on March 02, 2012, at Hyderabad. The products unveiling brought in positive response from the customers and dealers who had come to witness the show.

The company’s state-of-the-art manufacturing plant (at Oragadam, near Chennai) has been completed. The plant was inaugurated on 18th April 2012, in the presence of Daimler AG Board of Management and Ms. J Jayalalithaa, Chief Minister of Tamil Nadu.

The company reached its technical SOP (Start of Production) and its first truck rolled off the line on June 21st 2012.

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Building

· Plant and Equipment

· Furniture and Fixture

· Vehicles

· Motor Vehicles

· Office Equipments

· Computers Equipments

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.61.12
UK Pound	1	Rs.92.97
Euro	1	Rs.80.95

INFORMATION DETAILS

Information Gathered by :	PLV
Report Prepared by :	NIT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	7
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.