MIRA INFORM REPORT

Report Date :

01.12.2014

IDENTIFICATION DETAILS

Name :	UNIPRES INDIA PRIVATE LIMITED [w.e.f.16.10.2008]
Formerly Known As :	UNIPRES AUTOPARTS INDIA PRIVATE LIMITED
Registered Office :	RNS-6, Sipcot Industrial Growth Centre, Oragadam, Vadakupattu Post, Sriperumbudur Taluk, District Kanchipuram – 603204, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	04.04.2008
Com. Reg. No.:	18-067215
Capital Investment / Paid-up Capital :	Rs. 1400.000 Millions
CIN No.: [Company Identification No.]	U34300TN2008PTC067215
TAN No.: [Tax Deduction & Collection Account No.]	CHEU03814G
PAN No.: [Permanent Account No.]	AAACU9830B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Automotive Ancillary Parts.
No. of Employees :	400 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 4097000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. Reserve of the company seems to be low during 2014. However, general financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that it had willfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

NOT AVAILABLE

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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Prakash
Designation :	Finance Executive
Contact No.:	91-44-37176000
Date :	28.11.2014

LOCATIONS

Registered Office :	RNS-6, Sipcot Industrial Growth Centre, Oragadam, Vadakupattu Post, Sriperumbudur Taluk, District Kanchipuram– 603204, Tamilnadu, India
Tel. No.:	91-44-37176000
Fax No.:	91-44-37176161
E-Mail :	b.muthukumar@unipres.co.in venkat@unipres.co.in
Website :	http://www.unipres.co.jp
Location :	Owned
Factory :	Located at: · Chennai

DIRECTORS

AS ON 11.07.2014

Name :

Mr. Miura Takayuki

Designation :

Managing director

Address :

Sumangull Villa, 3, Blue Beach Road, Neelankarai, Chennai, Tamilnadu, India

Date of Birth/Age :

04.04.1954

Date of Appointment :

01.04.2013

DIN No.:

06555135

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Company/ LLP Status	Defaulting status
1	U34300TN2008PTC067215	UNIPRES INDIA PRIVATE LIMITED	Managing director	01/04/2013	01/04/2013	Active	NO
2	U34100TN2011FTC081966	KANAECH INDIA PRIVATE LIMITED	Managing director	01/04/2013	01/04/2013	Active	NO

Name :

Mr. Masanobu Yoshizawa

Designation :

Nominee director

Address :

8-17-2, Tamagawa-Gakuen, Machida, Tokyo, Japan

Date of Birth/Age :

25.08.1953

Date of Appointment :

16.03.2009

DIN No.:

02607097

Name :

Mr. Shigeru Asahi

Designation :

Director

Address :

4-11, Suchiro-Cho-Hadano-Shikanagawa Prefecture, Japan

Date of Birth/Age :

03.04.1951

Date of Appointment :

29.07.2011

DIN No.:

03613285

KEY EXECUTIVES

Name :	Mr. Prakash
Designation :	Finance Executive
Name :	Mr. B Muthukumar
Designation :	Secretary
Address :	B-4, 2^nd Floor, A Block, Paran Paradise, Old No. 109 (New No.46), G.N. Chetty Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Date of Birth/Age :	24.07.1961
Date of Appointment :	03.05.2012
PAN No.:	AANPM5658B

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 11.07.2014

Names of Shareholders	No. of Shares	Percentage of Holding
Unipress Corporation, Japan	112000000	80.00
Marubeni Corporation, Japan	28000000	20.00
Total	140000000	100.00

AS ON 11.07.2014

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]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Automotive Ancillary Parts.

Products/ Services :

ITC Code No.	Product Descriptions
87089900	Other-Parts and Accessories, Assemblies and Sub-Assemblies

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Products :

Automotive Parts

Countries :

Japan

Imports :

Products :

Raw Material

Countries :

· Japan

· Korea

Terms :

Selling :

Cash and Credit

Purchasing :

Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

Customers :

Wholesalers, Retailers and Manufacturer

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Experience:	Not Divulged
Maximum limit dealt:	Not Divulged

No. of Employees :

400 (Approximately)

Bankers :

Bank Name:	Axis Bank Limited
Branch:	Virugambakkam, Chennai, Tamilnadu, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Bank Name:	The Bank of Tokyo Mitsubishi UFJ Limited
Branch:	Nandanam, Chennai, Tamilnadu, India
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks: Not Divulged

Facilities :

--

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	ASVN Ramana Tower, 52, Venkatanarayana Road, T. Nagar, Chennai – 600017, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Joint venture :	Kanaech India Private Limited [U34100TN2011FTC081966]
Holding company :	Unipres Corporation
Fellow Subsidiary company :	· Unipres Guangzhou Corporation · Unipres (Thailand) Co. Limited · PT. Unipres Indonesia · Unipres Zhengzhou Corporation, China
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Marubeni Corporation · Marubeni India Private Limited [U74899DL1996PTC079036]

CAPITAL STRUCTURE

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
140,000,000	Equity Shares	Rs. 10/- each	Rs. 1400.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
140,000,000	Equity Shares	Rs. 10/- each	Rs. 1400.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1400.000	1400.000	1400.000
(b) Reserves & Surplus	34.022	(19.489)	(32.289)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1434.022	1380.511	1367.711
(3) Non-Current Liabilities
(a) Long-term borrowings	799.288	1201.220	1784.986
(b) Deferred tax liabilities (Net)	52.810	24.778	27.142
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	20.168	16.584	9.491
Total Non-current Liabilities (3)	872.266	1242.582	1821.619
(4) Current Liabilities
(a) Short term borrowings	440.000	170.000	0.000
(b) Trade payables	346.180	386.081	448.332
(c) Other current liabilities	467.411	686.153	955.605
(d) Short-term provisions	17.838	6.655	15.417
Total Current Liabilities (4)	1271.429	1248.889	1419.354
TOTAL	3577.717	3871.982	4608.684
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2767.882	2906.086	2922.295
(ii) Intangible Assets	3.716	6.471	9.728
(iii) Capital work-in-progress	0.677	6.111	213.938
(iv) Intangible assets under development	0.000	0.072	2.053
(b) Non-current Investments	51.744	41.160	41.160
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	111.331	92.919	86.080
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	2935.350	3052.819	3275.254
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	82.676	106.475	141.242
(c) Trade receivables	480.547	614.473	502.897
(d) Cash and cash equivalents	59.215	32.052	577.230
(e) Short-term loans and advances	15.925	66.163	111.611
(f) Other current assets	4.004	0.000	0.450
Total Current Assets	642.367	819.163	1333.430
TOTAL	3577.717	3871.982	4608.684

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		TOTAL	2725.430	2698.300	2437.690
Less	EXPENSES
		TOTAL	2418.450	2460.050	2137.590
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		306.980	238.250	300.100
Less/ Add	DEPRECIATION/ AMORTISATION		225.440	224.990	179.040
	PROFIT BEFORE TAX		81.540	13.260	121.060
Less	TAX		28.030	0.470	27.140
	PROFIT AFTER TAX		53.510	12.790	93.920
	Earnings Per Share (Rs.)		0.38	0.09	0.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	2.31	0.35	2.78
Return on Investment (ROI) (PBT/Networth)		0.06	0.01	0.09
Debt Equity Ratio (Total Debt/Networth)		0.86	0.99	1.31
Current Ratio (Current Asset/Current Liability)		0.51	0.66	0.94

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particulars	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1400.000	1400.000	1400.000
Reserves & Surplus	(32.289)	(19.489)	34.022
Net worth	1367.711	1380.511	1434.022
Long-term borrowings	1784.986	1201.220	799.288
Short term borrowings	0.000	170.000	440.000
Total borrowings	1784.986	1371.220	1239.288
Debt/Equity ratio	1.305	0.993	0.864

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2437.690	2698.300	2725.430
		10.691	1.005

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	2437.690	2698.300	2725.430
Profit	93.920	12.790	53.510
	3.85%	0.47%	1.96%

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	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)	Yes
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

UNSECURED LOANS

PARTICULARS	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign currency term loans from banks	519.288	781.220
Other loans and advances	280.000	420.000
SHORT TERM BORROWINGS
Loans repayable on demand	440.000	170.000
Total	1239.288	1371.220

CHANGE OF ADDRESS:

The Registered Office of the company has been shifted from RNS-6, Sipcot Industrial Growth Centre, Oragadam, Vadakupattu Post, Sriperumbudur Taluk, District Kanchipuram - 602105, Tamilnadu, India to the present address w.e.f.01.11.2010.

CORPORATE INFORMATION

The Company was incorporated as a 'Private Company limited by Shares' on 4 April 2008 in the State of Tamil Nadu, India. It is a subsidiary of Unipres Corporation, Japan. The Company is primarily engaged in the business of manufacturing and supplying automotive ancillary parts to Renault Nissan, India.

GENERAL OUTLOOK OF AUTOMOBILE INDUSTRY

During this financial year 2013 the production of all kind of Vehicles in India, declined by 7.2 percent (3,803,000 units) comparing to the financial year 2012. RNAIPL is placed as fifth l argest company (224,000 units) with Maruti Suzuki (1,155,000 units), Hyundai (614,000 units), Tata (567,000 units) and Mahindra and Mahindra (434,000 units) in the Indian Automobile Industry.

Out of this, the domestic production volume dropped by 9.4 percent (3,134,000 units) comparing to the financial year 2012. However for export, the production volume increased 4.5% (668,000 units) from the financial year 2012.

As this general decline trend of domestic sales is deemed rising fuel costs, interest rates and vehicle price hike by weakened Indian Rupee, TATA Nano which is sold as cheap price vehicle dropped by 60.8%(21,000 units) comparing to the financial year 2012. However Honda Amaze increased by 135% (97,000 units) which is well accepted by sedan-preference market from the financial year 2012.

For export, SUV for Europe and midsize car for South Africa and Southeastern Asia increased by 398% (42,000 units) and 185% (73,000 units) each which brought increase of export in general.

BUSINESS SITUATION OF NISSAN

During this financial year 2013 the total production volume was 224,000 units which increased by 119% comparing to the financial year 2012. In spite of stingy sales market, the domestic volume increased by 16.9% (95,000 units) and the export volume increased by 29% (129,000 units) comparing to the financial year 2012.

As a result, for the export volume Nissan recorded the second largest company with Maruti Suzuki overtaking Hyundai. Nissan started to enforce on domestic market by introduction of Micro segment ‘DATSUN’ brand which is market friendly in India and aims to have 10 % market share in India by 2017.

CURRENT SITUATION OF THEIR COMPANY

The company has manufactured and supplied car body parts 166,000 units to Nissan which increased by 0.8% comparing to the financial year 2012. Sales value was 2,725 M INR which increased by 1% comparing to 2,698 MINR in the financial year 2012. Ordinary profit recorded 81.54 MINR which increased comparing to 13.26 MINR in the financial year 2012.

The growth in profits was achieved through the effort of minimisation of cost by most appropriate production system in a lean way and effective cost controls. The company is planning to achieve better results in the coming financial years.

CONTINGENT LIABILITIES:

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
Third party claim against the Company under the Motor Vehicles Act (No provision is considered necessary as the claim is expected to be settled by insurance company.)	0.600	0.600

FIXED ASSETS:

· Land

· Buildings

· Other building

· Plant and equipment

· Other plant and equipment

· Furniture and fixtures

· Office equipment

· Other equipments

· Leasehold improvements

· Computer 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. 61.97
UK Pound	1	Rs. 97.37
Euro	1	Rs. 77.16

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	RAS
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.