MIRA INFORM REPORT

Report Date :

25.01.2014

IDENTIFICATION DETAILS

Name :	GRUPO ANTOLIN PUNE PRIVATE LIMITED (w.e.f. 12.03.2001)
Formerly Known As :	AUTO INTERIORS INDIA PRIVATE LIMITED
Registered Office :	B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	02.09.1996
Com. Reg. No.:	25-015924
Capital Investment / Paid-up Capital :	Rs.890.807 Millions
CIN No.: [Company Identification No.]	U34300PN1996PTC015924
TAN No.: [Tax Deduction & Collection Account No.]	PNEA01777G
PAN No.: [Permanent Account No.]	AAACA6730G
Legal Form :	Private Limited Liability Company
Line of Business :	Manufactures of auto components and also engaged in providing CAD services.
No. of Employees :	500 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (32)

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

Maximum Credit Limit :	USD 2800000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Grupo Antolin Irausa, S.A”. It is an established company having a moderate track record. The management has failed to file its financial with government department for the year 2013. As per available financial record of 2012, there appears accumulated losses by the company. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealing with some caution.

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 – September 30, 2013

Country Name	Previous Rating (30.06.2013)	Current Rating (30.09.2013)
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

India’s current account deficit narrowed in the quarter ended September as government measures to curb imports, especially gold, kicked in.  The current account deficit, the excess of a country’s imports of goods and services over exports, narrowed to $ 5.2 billion from $ 21 billion in the year ago period, according to provisional Reserve Bank of India data. Finance Minister P. Chidambaram said the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and the latest data suggests the government may achieve the target.

India was ranked 94^th among the world’s most corrupt nations list. Denmark and New Zealand topped as the cleanest while Somalia emerged as the most corrupt.

India’s services sector activity witnessed a moderate improvement in November over the previous month, even while indicating the fifth successive monthly contraction, according the HSBC survey.

$53 million estimated losses suffered by India due to phishing attacks during the third quarter, according to a study by RSA. India ranks fourth in the list of nations hit by phishing attacks. The US remained at the top of the charts. Phishing is the process of acquiring information such as user names, passwords and credit card details by sending e-mails disguised as official mails.

Rs.4080 million worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million in September, 2012, according to Deloitte report. The number of transactions has shot up from 94000 to 701000.

India aims to earn Rs.400000 million from the bandwidth auction set for January. The merger and acquisition guidelines, cleared by a group of ministers, will be out before the auction begins so that players can make informed decisions on the auctions.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION PARTED BY

Name :	Mr. Sachin Dongare
Designation :	Finance Department
Contact No.:	91-9769386363
Date :	24.01.2014

LOCATIONS

Registered Office/ Factory 1:	B -25, MIDC, Ranjangaon, Taluka Shirur, Pune – 412210, Maharashtra, India
Tel. No.:	91-2138-660600 / 232236/ 560600
Mobile No.:	91-9769386363 (Mr. Sachin Dongare)
Fax No.:	91-2138-232202
E-Mail :	t.shamkumar@grupoantolin.com sachin.dongare@grupoantolin.com
Website :	www.grupoantolin.com
Area :	4000 sq. ft
Location :	Owned
Factory 2:	Sipcot Industrial Park, G-9 , Irungattukottai, Chennai-602117, Tamilnadu, India
Design Center:	6^th Floor, Alpha 2 Building, Giga Space IT Park, Nagar Pune Road, Opposite Maruti Showroom, Viman Nagar, Pune-411014, Maharashtra, India
Tel. No.:	91-20-66212483

DIRECTORS

As on 28.09.2012

Name :

Mr. Ernesto Antolin Arribas

Designation :

Managing Director

Address :

C/VITORIA 8, 2-C, Burgos - 09004, Spain

Date of Birth/Age :

06.11.1964

Date of Appointment :

09.12.1996

DIN No.:

00785463

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	U34300PN1996PTC015924	GRUPO ANTOLIN PUNE PRIVATE LIMITED	Managing director	09-12-96	09-12-96	-	Active	NO
2	U00000HR2004PTC049273	KRISHNA GRUPO ANTOLIN PRIVATE LIMITED	Director	19-08-04	19-08-04	-	Active	NO
3	U35990TN2012PTC084617	ANTOLIN KASAI TEK CHENNAI PRIVATE LIMITED	Director	06-06-12	23-03-12	-	Active	NO

Name :

Mr. Pablo Munoz Baroja Pagola

Designation :

Director

Address :

C/ Escritora Karmele Saint Martin,!. Esc. 4, lOB 20009 Donostia-San Sebastian

Date of Birth/Age :

19.09.1969

Date of Appointment :

30.09.2011

DIN No.:

00287745

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	U34300PN1996PTC015924	GRUPO ANTOLIN PUNE PRIVATE LIMITED	Director	30-09-11	01-10-01	-	Active	NO
2	U00000HR2004PTC049273	KRISHNA GRUPO ANTOLIN PRIVATE LIMITED	Director	30-06-11	19-08-04	-	Active	NO
3	U35990TN2012PTC084617	ANTOLIN KASAI TEK CHENNAI PRIVATE LIMITED	Director	06-06-12	23-03-12	-	Active	NO

Name :

Maitreya Vrajesh Purohit

Designation :

Additional Director

Address :

A – 10, Rane Classics, Sr. 20/2, Someshwarwadi, Pashan, Pune-411008, Maharashtra, India

Date of Birth/Age :

26.11.1975

Date of Appointment :

30.09.2011

DIN No.:

03457981

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	U34300PN1996PTC015924	GRUPO ANTOLIN PUNE PRIVATE LIMITED	Director	30-09-11	25-01-11	-	Active	NO

KEY EXECUTIVES

Name :	Ms. Shubhangi Tukaram Bamane
Designation :	Company Secretary
Address :	1186, Sadashiv Peth, Suyog Bhavan, Pune-411030, Maharashtra, India
Date of Appointment :	11.01.2011
PAN No:	AQNPB1279M
Name :	Mr. Sachin Dongare
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 28.09.2012

Names of Shareholders	No. of Shares
Grupo Antolin – Irausa S.A., Spain	89080713
Grupo Antolin – Ingenieria, S.A., Spain	1
Total	89080714

As on 28.09.2012

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufactures of auto components and also engaged in providing CAD services.

Products :

ITC Code No	Product Description
8708.9900	Head Liners, Door Panels and Parcel Trays

Exports :

Products :

Auto Parts

Countries :

Russia

Imports :

Products :

Raw Material Chemicals

Countries :

· Spain

· Germany

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Licensed Capacity	Actual Production
Head Liners	Nos	1500000	1588602
Door Panels	Nos	402000	33508
Parcel Trays	Nos	370000	202323

*Installed/Licensed capacity beaing a technical matter has been certified by the management and relied upon by auditors.

GENERAL INFORMATION

Suppliers :	Realiance Industries Limited, Pune
Customers :	End Users · Mahindera and Mahindra, Pune
No. of Employees :	500 (Approximately)
Bankers :	· ICICI Bank Limited, I.C.I.C.I Tower, Bandra Kurla Complex, Mumbai-400051, Maharashtra, India · HDFC bank limited, HDFC bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai - 400013, Maharashtra, India · Royal Bank of Scotland, Pune, Maharashtra, India
Facilities :	Total Facility Enjoyer Rs.240.000 Millions (From Royal Bank of Scotland)

Banking Relations :	--
Auditors :
Name :	Deloite Haskins and Sells Chartered Accountants
Address :	12, Dr Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India
PAN.:	AACFD4815A
Holding company :	Grupo Antolin Irausa S.A., Spain
Fellow Subsidiary Company :	· Grupo Antolin Ingenieria S.A., Spain Grupo Antolin North America Inc., United States Grupo Antolin Plasbur, S.A., Spain Grupo Antolin Vosges S.A.S., Spain Grupo Antolin-Wayne, LLC., United States Grupo Antolin San-Petersburg Limited, Russian Federation Ototrim Panle Sanayi Ve Ticaret S.A., Turkey Krishna Grupo Antolin Private Limited, India CIN No.: U00000CH2004PTC027418 Grupo Antolin Silao Sa De C.V., Mexico Antolin Kasai Tek Chennai Private Limited, India CIN No.: U35990TN2012PTC084617 Grupo Antolin France S.A.S., France Grupo Antolin Turnov S.R.O., Czech Republic Grupo Antolin Autotrim S.A., Spain Grupo Antolin Asuari Inverser, Spain Grupo Antolin Bohemia, A.S., Czech Republic Grupo Antolin Ingenierie Sieges, S.A.S., France

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
90000000	Equity Shares	Rs.10/- each	Rs.900.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
89080714	Equity Shares	Rs.10/- each	Rs.890.807 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	890.807	872.950
(b) Reserves & Surplus	(183.758)	(201.737)
(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)	707.049	671.213
(3) Non-Current Liabilities
(a) long-term borrowings	27.919	35.481
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	27.919	35.481
(4) Current Liabilities
(a) Short term borrowings	50.801	14.828
(b) Trade payables	570.755	455.548
(c) Other current liabilities	167.491	151.925
(d) Short-term provisions	18.509	28.171
Total Current Liabilities (4)	807.556	650.472
TOTAL	1542.524	1357.166
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	539.766	428.356
(ii) Intangible Assets	92.501	100.794
(iii) Capital work-in-progress	2.999	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	29.496	31.909
(e) Other Non-current assets	47.845	59.394
Total Non-Current Assets	712.607	620.453
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	274.898	283.564
(c) Trade receivables	446.323	339.754
(d) Cash and cash equivalents	2.969	23.782
(e) Short-term loans and advances	105.727	89.593
(f) Other current assets	0.000	0.020
Total Current Assets	829.917	736.713
TOTAL	1542.524	1357.166

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		872.950
2] Share Application Money		1.716
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(276.941)
NETWORTH		597.725
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		93.986
TOTAL BORROWING		93.986
DEFERRED TAX LIABILITIES		0.000
TOTAL		691.711
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		529.221
Capital work-in-progress		5.355
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	108.854
	Sundry Debtors	292.050
	Cash & Bank Balances	46.674
	Other Current Assets	0.000
	Loans & Advances	223.529
Total Current Assets		671.107
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	353.410
	Other Current Liabilities	142.883
	Provisions	17.679
Total Current Liabilities		513.972
Net Current Assets		157.135
MISCELLANEOUS EXPENSES		0.000
TOTAL		691.711

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1717.039	1264.433	865.807
		Services	97.103	85.261	74.433
		Write-off Excess Provision Of Withholding Tax	0.000	2.083	0.000
		Other Operating Income	25.154	21.291	0.000
		Other Income	2.651	0.438	56.452
		TOTAL (A)	1841.947	1373.506	996.692
Less	EXPENSES
		TOTAL (B)	1762.538	1233.980	849.931
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		79.409	139.526	146.761
Less	FINANCIAL EXPENSES (D)		4.386	1.007	1.549
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		75.023	138.519	145.212
Less/ Add	DEPRECIATION/ AMORTISATION (F)		64.186	55.688	55.818
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		10.837	82.831	89.394
Less	TAX (H)		0.000	7.628	13.516
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		10.837	75.203	75.878
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(201.737)	(276.941)	(352.819)
	BALANCE CARRIED TO THE B/S		(183.758)	(201.738)	(276.941)
	EARNINGS IN FOREIGN CURRENCY
		Design and Engineering Services	87.115	68.433	73.087
	TOTAL EARNINGS		87.115	68.433	73.087
	IMPORTS
		Raw Materials	NA	NA	0.163
		Stores & Spares	NA	NA	0.009
		Capital Goods	NA	NA	0.012
		Software	NA	NA	0.000
		Research design – Maintenance Expenses	NA	NA	0.032
	TOTAL IMPORTS		NA	NA	0.216
	Earnings / (Loss) Per Share (Rs.)		0.12	0.861	0.879

Particulars	31.03.2013
Sales Turnover (Approximately)	2100.000

Expected Sales (2013-14) : Rs.2500.000 Millions

The above information has been parted by Mr. Sachin Dongare

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.59	5.48	7.61
Net Profit Margin (PBT/Sales)	(%)	0.63	6.55	10.32
Return on Total Assets (PBT/Total Assets}	(%)	0.70	6.10	7.45
Return on Investment (ROI) (PBT/Networth)		0.02	0.12	0.15
Debt Equity Ratio (Total Debt/Networth)		0.11	0.07	0.16
Current Ratio (Current Asset/Current Liability)		1.03	1.13	1.31

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	Yes
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	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BUSINESS OPERATIONS:

Company has profit of Rs. 10.837 millions during the year and after adjustment of accumulated losses of the previous years the company has loss of Rs. 183.758 millions at the end of the year.

CORPORATE INFORMATION:

Subject was established in the year 1996. The company manufactures auto components at its Pune and Chennai plants and also provides CAD services from its Pune facility.

UNSECURED LOAN

Particulars	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Long Term Borrowings
Other external commercial borrowings	27.919	35.481
Short Term Borrowings
Working capital loans from banks	38.713	0.000
Loans repayable on demand from banks	12.088	14.828
Total	78.720	50.309

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10383847	04/06/2013 *	130,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA	B80656358
2	90085709	23/03/2001	31,143,057.00	FORD INDIA LIMITED	S.P. KOLI, CHENGLEPUT, TAMIL NADU - 603001, INDIA	-

* Date of charge modification

FIXED ASSETS

· Land

· Buildings

· Office building

· Plant and equipment

· Factory equipments

· Other plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Other equipments

· Computer software

· Recipes, formulae, models, designs and prototypes

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.18
UK Pound	1	Rs.103.38
Euro	1	Rs.85.09

INFORMATION DETAILS

Information Gathered by :	HNA
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.