MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	SHIVANI LOCKS PRIVATE LIMITED
Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi-110019, Delhi
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.03.1988
Com. Reg. No.:	55-031152
Capital Investment / Paid-up Capital :	Rs.20.673 Millions
CIN No.: [Company Identification No.]	U74999DL1988PTC031152
PAN No.: [Permanent Account No.]	AAICS1192C
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in manufacture of automotive locks for global automotive companies.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

B (36)

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

Maximum Credit Limit :	USD 490000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. There appears continuous dip in the profitability. The external borrowing seems to be increasing over a year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for normal business dealings at usual trade terms and condition.

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	CARE
Rating	BB (Long Term Bank Facilities)
Rating Explanation	Moderate risk of default and high credit risk.
Date	05.03.2013

Rating Agency Name	CARE
Rating	A4+ (Short Term Bank Facilities)
Rating Explanation	Minimal degree of safety and very high credit risk.
Date	05.03.2013

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 DENIED BY

Name :	Mr. Jagmohansing Saigal
Designation :	Accounts Department.
Contact No.:	91-129-4199475
Date :	12.10.2013

LOCATIONS

Registered Office :	Flat No. 4, Second Floor, Ram Pratap House-4, LSC, Kalkaji, New Delhi-110019, Delhi, India
Tel. No.:	91-11-26486686/26415479
Fax No.:	Not Available
E-Mail :	account1@shivanilocks.com shivani@shivanilocks.com
Website:	www.shivanilocks.com
Factory 1 :	Plot No. 58, 59 and 60, Sector-27A, Faridabad-121003, Haryana, India
Tel. No.:	91-129-5045479/ 5044511/ 5047506
Fax No.:	91-129-2274727
E-Mail :	shivni1@shivanilocks.com
Factory 2 :	49/4, Mathura Road, Prithla, Faridabad, Haryana, India

DIRECTORS

As on: 29.09.2012

Name :

Mr. Krishan Lal Kathuria

Designation :

Director

Address :

H. No. 563, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

08.04.1945

Date of Appointment :

30.03.1988

DIN No.:

00021642

PAN No.:

AANPK0866D

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	30/03/1988	30/03/1988	-	Active	NO
2	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02/04/1996	02/04/1996	-	Active	NO

Name :

Mr. Naresh Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

02.05.1961

Date of Appointment :

01.04.1996

DIN No.:

00021678

PAN No.:

AARPK2581R

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	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Managing director	01/04/1996	01/04/1996	-	Active	NO
2	U28113DL2011PTC219067	Otsuka Venus Automotive India Private Limited	Director	12/05/2011	12/05/2011	-	Active	NO

Name :

Mr. Raj Kathuria

Designation :

Director

Address :

H. No. 530, Sector -14, Faridabad – 121007, Haryana, India

Date of Birth/Age :

24.08.1947

Date of Appointment :

30.03.1988

DIN No.:

00022375

PAN No.:

AAQPK9780P

Name :

Mr. Dwarka Nath Kathuria

Designation :

Director

Address :

H. No. 858, Sector -15, Faridabad – 121007, Haryana, India

Date of Birth/Age :

15.06.1937

Date of Appointment :

28.05.1999

DIN No.:

00022382

PAN No.:

AANPK0864B

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	U29309HR1983PTC016906	VENUS APPLIANCES PVT LTD	Director	07/11/1983	07/11/1983	-	Strike off	NO
2	U74899DL1995PTC064390	VENUS INDUSTRIES PRIVATE LIMITED	Director	16/01/1995	16/01/1995	-	Active	NO
3	U34300DL1996PTC077781	VENUS INDUSTRIAL CORPORATION PRIVATE LIMITED	Managing director	02/04/1996	02/04/1996	-	Active	NO
4	U74999DL1988PTC031152	SHIVANI LOCKS PRIVATE LIMITED	Director	28/05/1999	28/05/1999	-	Active	NO
5	L19201HR1981PLC012903	LAKHANI INDIA LIMITED	Director	31/03/2002	31/03/2002	08/07/2006	Active	NO

KEY EXECUTIVES

Name :	Ms. Pooja Arora
Designation :	Secretary
Address :	H. No. 691, Sector -16, Faridabad – 121007, Haryana, India
Date of Birth/Age :	23.05.1984
Date of Appointment :	24.03.2012
PAN No.:	AIWPA6907C

MAJOR SHAREHOLDERS

As on: 29.09.2012

Names of Shareholders	No. of Shares
Krishan Lal Kathuria	158400
Raj Kathuria	286200
Dwarka Nath Kathuria	621600
Naresh Kathuria	964500
Tanish Kathuria	36600
Total	2067300

Equity Share Break up (Percentage of Total Equity)

As on: 29.09.2012

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in manufacture of automotive locks for global automotive companies.

GENERAL INFORMATION

Customers :

· Daewoo Motors Limited (Suraj Pur, U.P.)

· Eicher Motors Limited (Indore, M.P.)

· Fiat India Limited (Kurla, Mumbai)

· General Motors India Limited (Halol, Gujrat)

· Hindustan Motors Limited, Mitsubishi Lancer Plant (Chennai, Tamilnadu)

· Maruti Udyog Limited (Gurgaon, Haryana)

· Mahindra and Mahindra (Mumbai, Maharastra)

· Mahindra and Mahindra (Nasik, Maharastra)

· Mahindra and Mahindra (Zaheerabad, A. P.)

· Reva Electric Cars Ltd. (Bangalore, Karnataka)

· Telco (Pune, Maharastra)

· Telco (Lucknow, U.P.)

· Telco (Jamshedpur, Bihar)

No. of Employees :

Information declined by the management.

Bankers :

· Standard Chartered Bank, Narain Manzil, 23, Barakhmaba Road, New Delhi - 110001, India

· Indian Overseas Bank, 1-C/47-48, Nit, Faridabad-121001, Haryana, India

· HDFC Bank Limited

· ICICI Bank Limited

· Deutsche Bank Limited

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Rupee term loans from banks	261.140	267.856
Term loans from others	51.097	32.935
SHORT TERM BORROWING
Term loans from banks	22.727	14.728
Total	334.964	315.519

Banking Relations :	--
Financial Institutions :	Haryana Financial Corporation, 17, 18 and 19 Bays, Sector 17A, Chandigarh - 160017, Chandigarh, India
Auditors :
Name :	Y.K. Joneja and Company Chartered Accountants
Address :	A-7/1, Nehru Ground, Main Neelam Bata Road, Faridabad-121001, Haryana, India
PAN No.:	AABFY0933K
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Venus Stampings Private Limited CIN No.; U74899DL1985PTC021646 · Otsuka Venus Automotive India Private Limited CIN No.; U28113DL2011PTC219067

CAPITAL STRUCTURE

As on: 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
3000000	Equity Shares	Rs.10/- each	Rs.30.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
2067300	Equity Shares	Rs.10/- each	Rs.20.673 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	20.673	20.673
(b) Reserves & Surplus	102.362	96.505
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	123.035	117.178
(3) Non-Current Liabilities
(a) long-term borrowings	337.487	320.941
(b) Deferred tax liabilities (Net)	18.991	21.190
(c) Other long term liabilities	3.485	2.560
(d) long-term provisions	24.786	20.152
Total Non-current Liabilities (3)	384.749	364.843
(4) Current Liabilities
(a) Short term borrowings	22.727	14.728
(b) Trade payables	366.573	268.693
(c) Other current liabilities	155.644	155.424
(d) Short-term provisions	6.694	4.577
Total Current Liabilities (4)	551.638	443.422
TOTAL	1059.422	925.443
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	447.896	423.098
(ii) Intangible Assets	0.000	0.000
(iii) Capital work-in-progress	90.686	79.553
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.168	0.168
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	17.527	4.615
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	556.277	507.434
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	205.775	175.881
(c) Trade receivables	236.913	190.632
(d) Cash and cash equivalents	22.046	17.119
(e) Short-term loans and advances	38.411	34.377
(f) Other current assets	0.000	0.000
Total Current Assets	503.145	418.009
TOTAL	1059.422	925.443

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		20.673
2] Share Application Money		0.000
3] Reserves & Surplus		84.855
4] (Accumulated Losses)		0.000
NETWORTH		105.528
LOAN FUNDS
1] Secured Loans		296.655
2] Unsecured Loans		20.392
TOTAL BORROWING		317.047
DEFERRED TAX LIABILITIES		14.890
DEFERRED PAYMENT LIABILITIES		3.377
TOTAL		440.842
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		387.169
Capital work-in-progress		77.501
INVESTMENT		0.168
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	112.117
	Sundry Debtors	138.763
	Cash & Bank Balances	7.252
	Other Current Assets	0.000
	Loans & Advances	25.029
Total Current Assets		283.161
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	251.475
	Other Current Liabilities	31.584
	Provisions	24.098
Total Current Liabilities		307.157
Net Current Assets		(23.996)
MISCELLANEOUS EXPENSES		0.000
TOTAL		440.842

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1526.892	1315.569	947.169
		Other Income	7.529	2.201	NA
		TOTAL (A)	1534.421	1317.770	NA
Less	EXPENSES
		Office Expenses	1437.230	1216.156	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	1437.230	1216.156	NA
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.191	101.614	NA
Less	FINANCIAL EXPENSES (D)		51.557	42.814	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		45.634	58.800	NA
Less/ Add	DEPRECIATION/ AMORTISATION (F)		39.733	35.433	NA
	PROFIT BEFORE TAX (E-F) (G)		5.901	23.367	34.344
Less	TAX (H)		0.045	11.716	7.792
	PROFIT AFTER TAX (G-H) (I)		5.856	11.651	42.136
	EARNINGS IN FOREIGN CURRENCY		39.181	35.651	25.091
	IMPORTS
		Components	NA	NA	4.621
	TOTAL IMPORTS		NA	NA	4.621
	Earnings Per Share (Rs.)		2.83	5.64	20.38

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.38	0.88	NA
Net Profit Margin (PBT/Sales)	(%)	0.39	1.78	3.63
Return on Total Assets (PBT/Total Assets}	(%)	0.61	2.76	5.12
Return on Investment (ROI) (PBT/Networth)		0.05	0.20	0.33
Debt Equity Ratio (Total Debt /Networth)		2.93	2.86	3.00
Current Ratio (Current Asset/Current Liability)		0.91	0.94	0.92

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	No
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	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]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN 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

UNSECURED LOAN:

(Rs in Millions)

Particulars	As on 31.03.2012	As on 31.03.2011
LONG TERM BORROWING
Loans and advances from related parties	25.250	20.150
Total	25.250	20.150

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U74999DL1988PTC031152
Name of the company	SHIVANI LOCKS PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Flat No-4, Second Floor, Ram Partap House-4 LSC Kalka Ji, New Delhi – 110019, India info@shivanilocks.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	90036852
Type of charge	· Immovable property · Book debts · Movable property (not being pledge) · Floating charge · Others (Hypothecation of Fixed Assets)
Particular of charge holder	Indian Overseas Bank, I-C/47-48, N.I.T., FARIDABAD – 121001, Haryana, India faridbr@chasco.iobnet.co.in
Nature of instrument creating charge	Letter of Hypothecation F 110E dated 18.02.2013.
Date of instrument Creating the charge	18.02.2013
Amount secured by the charge	Rs.220.300 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest Presently 10.50% plus 2.5% p.a. from this date until payment in full with monthly rests. Terms of Repayment As per agreement Margin Margin @ 25% Extent and Operation of the charge As per agreement
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of Current Assets both present and future. All types of Plant and Machinery and Fixed Assets. Equitable mortgage of Company's properties situated at · Prithla Villaeg, Tehsil Palwal, Distt Faridabad, Haryana, India · Plot No. 58 and 60, Sector-27-A, Faridabad, · 14/6, Mathura Road (Rear Portion), Faridabad, Haryana, India · 14/6, Mathura Road (Front Portion), Faridabad, Haryana, India · Mauza Tatarpur, Village Prithla, Tehsil Palwal , Haryana, India · Factory building situated at Plot No. 44, IIE Pant Nagar, Industrial Estate, Sector-11, U.S Nagar, Uttranchal, India
Date of instrument modifying the charge	07.01.2011
Particulars of the present modification	L/C and L/G Limit enhanced from Rs. 10.000 Millions to Rs. 20.000 Millions.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Furniture and Fixture

· Vehicle

· Computers

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] 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.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	RAJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	4
--CREDIT LINES	1~10	4
--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		36

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.