MIRA INFORM REPORT

Report Date :

18.06.2013

IDENTIFICATION DETAILS

Name :	MAHINDRA VEHICLE MANUFACTURERS LIMITED (w.e.f. 19.12.2008)
Formerly Known As :	MAHINDRA AUTOMOTIVE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.05.2007
Com. Reg. No.:	11-171151
Capital Investment / Paid-up Capital :	Rs.9622.500 Millions
CIN No.: [Company Identification No.]	U34100MH2007PLC171151
TAN No.: [Tax Deduction & Collection Account No.]	MUMM32438A
PAN No.: [Permanent Account No.]	AAFCM1217M
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Tractors and Utility Vehicles.
No. of Employees :	Information denied by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 43200000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Mahindra and Mahindra Limited”. It is a well established company having a good track record. The company has achieved better growth in sales and profit during 2012. The rating also take into consideration the company gets support from its holding company. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	AA [Non Convertible Debenture]
Rating Explanation	Having high degree of safety regarding timely servicing of financial obligation it carry low credit risk.
Date	January 2013

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 DECLINED

Management non co-operative. [91-22-24931441]

LOCATIONS

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24931441/ 24935626
Fax No.:	91-22-24900833
E-Mail :	iyer.sangameshwar@mahindra.com maheshwari.sumeet@mahindra.com
Website :	http://www.mahindra.com
Factory :	Located at MIDC Chakan, Pune – 410 501, Maharashtra, India

DIRECTORS

AS ON 28.07.2012

Name :	Dr. Pawan Kumar Ram Kishore Goenka
Designation :	Director
Address :	Flat No.602, 9, JVPD, Near UTI Bank Limited, 10^th Road, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Birth/Age :	23.09.1954
Date of Appointment :	25.05.2007
DIN No.:	00254502
Name :	Mr. Louis Percival Pereira
Designation :	Director
Address :	504, Ashok Nagar, 1-B Wing, Vazira Naka, Borivali (West), Mumbai – 400 092, Maharashtra, India
Date of Birth/Age :	21.07.1948
Date of Appointment :	28.04.2011
DIN No.:	01329348
Name :	Mr. Ajay Mansukhlal Choksey
Designation :	Director
Address :	Kanyakumari CHS, C-21, 2^nd Floor, A.K. Road, Plot C/5, 662, Andheri (East), Mumbai – 400 069, Maharashtra, India
Date of Birth/Age :	12.08.1952
Date of Appointment :	06.08.2008
DIN No.:	00204454
Name :	Mr. Sundaram Venkatraman
Designation :	Director
Address :	501, Vikas Classic, Building No.4, Behind Basant Theater, Dr. C. Gidwani Marg, Chembur, Mumbai – 400 074, Maharashtra, India
Date of Birth/Age :	07.05.1952
Date of Appointment :	19.11.2008
DIN No.:	00077193
Name :	Mr. Pravin Nagindas Shah
Designation :	Additional Director
Address :	41/42, Sailesh, Plot No.94A, Linking Road, TPS 2, Santacruz (West), Mumbai – 400 054, Maharashtra, India
Date of Birth/Age :	14.05.1954
Date of Appointment :	25.01.2012
DIN No.:	00056173
Name :	Mr. Vijay Anant Dhongde
Designation :	Director
Address :	D-1, 207, Jumbo Darshan Co-operative Society Limited, Jeeva Mahale Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	19.09.1953
Date of Appointment :	23.08.2011
DIN No.:	03601867

KEY EXECUTIVES

Name :	Mr. Vijay Anant Dhongde
Designation :	Manager
Address :	D-1, 207, Jumbo Darshan Co-operative Society Limited, Jeeva Mahale Road, Andheri (East), Mumbai-400069, Maharashtra, India
Date of Birth/Age :	19.09.1953
Date of Appointment :	01.04.2011
Pan No.:	ADBPD7401N

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 28.07.2012

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India	962249994
Mahindra and Mahindra Limited, India Jointly with Anand G. Mahindra	1
Mahindra and Mahindra Limited, India Jointly with Bharat Doshi	1
Mahindra and Mahindra Limited, India Jointly with A.K. Nanda	1
Mahindra and Mahindra Limited, India Jointly with Pawan Kumar Goenka	1
Mahindra and Mahindra Limited, India Jointly with U.Y. Phadke	1
Mahindra and Mahindra Limited, India Jointly with Rajeev Dubey	1
TOTAL	962250000

AS ON 28.07.2012

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Tractors and Utility Vehicles.

Products :

ITC Code	Product Description
8704	Light Transport Vehicle
8706	Medium and Heavy Commercial Vehicle

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit of measurement	Licensed Capacity Qty.	Installed Capacity Qty.	Actual Production Qty.
Motor Cars and Other Motor Vehicles	Nos.	275000	185000	39384
Heavy Motor Vehicles	Nos.	50000	32000	1545
Construction Equipments	Nos.	1000	900	25

NOTES:

(1) The licensed capacity is as per the Industrial Entrepreneur Memorandum (IEM) filed with Ministry of Commerce and Industry, Secretariat for Industrial Assistance bearing acknowledgement no.:1169/SIA/IMO/2008 dated 20.01.2009.

(2) The installed capacity has been certified by the Management and relied upon by the auditors without verification, this being a technical matter.

(3) Accessories and Components are not earmarked for sale as such. The Company considers a component as 'meant for sale' only when it is actually sold and hence no stocks/purchases are indicated. The cost of such accessories and components sold is included in consumption of raw materials and components. It is not practicable to furnish quantitative information in respect of sales of accessories and components in view of considerable number of items diverse in size and nature.

GENERAL INFORMATION

No. of Employees :

Information denied by the management.

Bankers :

· HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India

· Canara Bank (Security Trustee for the Lenders), Prime Corporate Branch - II, Verma Chambers, 2^nd Floor, Homji Street, Fort, Mumbai – 400 001, Maharashtra, India

· State Bank of India, Voltas House, 23, J.N. Heredia Marg, Mumbai – 400 001, Maharashtra, India

Facilities :

Secured Loan	As on 31.03.2012 [Rs. in Millions]	As on 31.03.2011 [Rs. in Millions]
Long Term Borrowings
Non-convertible debentures others	8000.000	0.000
Term loans from banks	1094.400	8387.000
Short Term Borrowings
Loans repayable on demand from banks	16.800	388.800
TOTAL	9111.200	8775.800

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Mumbai, Maharashtra, India
PAN No:	AABFD7919A
Holding Company :	Mahindra and Mahindra Limited
Fellow Subsidiary :	· Mahindra Automobile Distributor Private Limited · Mahindra Reva Electric Vehicles Private Limited · Mahindra Intertrade Limited · Mahindra Ugine Steel Company Limited · Mahindra Forging Limited · Mahindra Hinodaya Limited · Mahindra Logistics Limited · Mahindra Navistar Engine Private Limited · Mahindra Navistar Automotive Limited · Mahindra Gears and Transmissions Private Limited · Mahindra BPO Services Private Limited · Mahindra Holidays and Resorts India Limited · Ssangyong Motor Company, Korea

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1300000000	Equity Shares	Rs.10/- each	Rs.13000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
962250000	Equity Shares	Rs.10/- each	Rs.9622.500 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	9622.500	9622.500
(b) Reserves & Surplus	1198.700	(19.000)
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
(3) Non-current liabilities
(a) long-term borrowings	9094.400	8387.000
(b) Deferred tax liabilities (Net)	618.300	0.000
(c) Other long term liabilities	0.000	4.300
(d) long-term provisions	128.900	103.300
(4) Current liabilities
(a) Short term borrowings	16.800	388.800
(b) Trade payables	13302.700	4116.700
(c) Other current liabilities	1391.000	1174.700
(d) Short-term provisions	11.400	7.600
TOTAL	35384.700	23785.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	17237.900	15457.000
(ii) Intangible Assets	94.800	24.100
(iii) Capital work-in-progress	675.500	625.200
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	28.000	28.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	2568.400	1237.400
(e) Other Non-current assets	90.800	85.100
(2) Current assets
(a) Current investments	1361.400	0.000
(b) Inventories	5617.500	2193.400
(c) Trade receivables	3288.200	1672.400
(d) Cash and cash equivalents	1024.900	2.800
(e) Short-term loans and advances	3363.200	2440.000
(f) Other current assets	34.100	20.500
TOTAL	35384.700	23785.900

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		5850.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(283.200)
NETWORTH		5566.800
LOAN FUNDS
1] Secured Loans		3460.000
2] Unsecured Loans		4900.500
TOTAL BORROWING		8360.500
DEFERRED TAX LIABILITIES		0.000
TOTAL		13927.300
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		11260.800
Capital work-in-progress		2378.700
Expenditure pending allocation, net		223.900
INVESTMENT		85.700
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	459.800
	Sundry Debtors	562.700
	Cash & Bank Balances	207.000
	Other Current Assets	0.000
	Loans & Advances	940.100
Total Current Assets		2169.600
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2018.800
	Other Current Liabilities	100.800
	Provisions	71.800
Total Current Liabilities		2191.400
Net Current Assets		(21.800)
MISCELLANEOUS EXPENSES		0.000
TOTAL		13927.300

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	44761.700	11808.900	893.200
		Other Income	128.900	41.800	54.800
		TOTAL (A)	44890.600	11850.700	948.000
Less	EXPENSES
		Cost of materials consumed	40361.500	9852.000
		Employee benefit expense	928.500	517.600
		Other expenses	1498.000	612.000	843.700
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1916.200)	(859.900)
		TOTAL (B)	40871.800	10121.700	843.700
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		4018.800	1729.000	104.300
Less	FINANCIAL EXPENSES (D)		1246.100	864.500	165.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2772.700	864.500	(60.700)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		937.800	600.300	133.600
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		1834.900	264.200	(194.300)
Less	TAX (H)		617.200	0.000	0.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1217.700	264.200	(194.300)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(19.000)	(283.200)	(88.900)
	BALANCE CARRIED TO THE B/S		1198.700	(19.000)	(283.200)
	IMPORTS
		Raw Materials	1287.100	249.300	40.519
		Capital Goods	204.900	60.900	1560.645
	TOTAL IMPORTS		1492.000	310.200	1601.164
	Earnings / (Loss) Per Share (Rs.)		1.27	0.34	(0.39)

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.71	2.23	(20.49)
Net Profit Margin (PBT/Sales)	(%)	4.10	2.24	(21.75)
Return on Total Assets (PBT/Total Assets}	(%)	5.29	1.14	(1.45)
Return on Investment (ROI) (PBT/Networth)		0.17	0.03	(0.03)
Debt Equity Ratio (Total Debt/Networth)		0.84	0.91	1.50
Current Ratio (Current Asset/Current Liability)		1.00	1.11	0.99

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS:

Particulars	31.03.2012 [Rs. in millions]	31.03.2011 [Rs. in millions]	31.03.2010 [Rs. in millions]
Sundry Creditors	13302.700	4116.700	2018.800

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	No
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)	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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS:

During the year, the Company achieved and established many benchmarks in respect of the new product launches and production ramp up for its customers. Five new products were launched during the year, meeting or exceeding all quality parameters thereby managing a very steep production ramp up. The following products were launched during the year-XUV 5OO, Genio Double cab, Scorpio Single / double cab for export, Bolero and Maxximo Mini Van.

In addition, variants of trucks and other existing products went into production during the year. The production volumes were ramped up from 40,954 vehicles in the year 2010-11 to 1,16,502 vehicles during the year 2011-12. The production team and all support services worked very closely together and evolved a new benchmark in the pace of ramp up of production.

The vehicles manufactured by the Company were exported to a number of countries. The number of vehicles being exported increased from just 69 vehicles of last year to 11,015 vehicles in the current year.

XUV 5OO received tremendous response from the market. The Company rose to the occasion and ensured that all expectations were met in terms of volume and quality of manufacture. With relentless focus on quality systems, the Company received ISO 9001, EMS and OSHAS certification and MQS certification during the year. The Company also maintained a constant focus on cost reduction and successfully maintained costs below planned levels.

The Company won several awards and recognitions during the year. Some prominent ones amongst them included the “Times of India Earth Care Award 2011”, IT User Award from NASSCOM 2012, Shrishti Award on Earth Day and an award at the Productivity contest of the Indian Institute of Industrial Management, Pune Chapter in January, 2012.

STATUS OF PROJECT:

The Company is in the final stages of the construction of the project. During the year, new facilities were added which includes buildings, roads and IT equipments amongst other things. The project is likely to be completed during the next Financial Year 2013. The Company has also commissioned 220 KV power line during the year. This has facilitated uninterrupted power supply, thereby reducing power outages significantly.

FINANCE:

The Company has successfully raised Rs.8000.000 millions through issue of Non- Convertible Debentures during the year. The proceeds were utilized for repayment of existing term loan and the balance will be used for financing the project capital expenditure. During the year, ICRA reaffirmed LAA rating for the Company for Term Loans and maintained the same rating for the issue of Non-Convertible Debentures.

BANKERS CHARGES REPORT AS PER REGISTRY

This form is for	Modification of charge
Charge identification number of the modified	10213377
Corporate identity number of the company	U34100MH2007PLC171151
Name of the company	MAHINDRA VEHICLE MANUFACTURERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India
Type of charge	Immovable Property Movable Property [not being pledge] Floating Charge
Particular of charge holder	Canara Bank (Security Trustee for the Lenders), Prime Corporate Branch - II, Verma Chambers, 2^nd Floor, Homji Street, Fort, Mumbai – 400 001, Maharashtra, India Email: mcity1903@canbank.co.in
Nature of description of the instrument creating or modifying the charge	Letter of Modification of Charge.
Date of instrument Creating the charge	31.10.2012
Amount secured by the charge	Rs.2000.000 Millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest Interest as may be stipulated by lenders from time to time and in accordance with Schedule I of the Principal Deed of Mortgage dated 29.03.2010. Terms of Repayment As per the Repayment Schedule of Rupee Loan mentioned in Schedule IV of the Principal Deed of Mortgage dated 29.03.2010. Margin As may be stipulated by Lenders from time to time in accordance with Schedule I of the Principal Deed of Mortgage dated 29.03.2010.
Short particulars of the property charged	Immovable properties of the Company situated at Pune Hypothecation of Plant and Machineries
Particulars of the present modification	Letter from security trustee reducing the charge from Rs.12000.000 millions to Rs.2000.000 millions on account of re-payment of Rs.10000.000 millions sanctioned to the Company.

FIXED ASSETS:

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixture

· Vehicles

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.57.73
UK Pound	1	Rs.90.60
Euro	1	Rs.76.96

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	TPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		54

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.