MIRA INFORM REPORT

Report Date :

29.07.2014

IDENTIFICATION DETAILS

Name :	SUJAN COOPER STANDARD AVS PRIVATE LIMITED (w.e.f. 19.10.2013)
Formerly Known As :	SUJAN BARRE THOMAS ANTI VIBRATION SYSTEMS PRIVATE LIMITED
Registered Office :	Reg 77, Mistry Industrial Complex, MIDC XA Road, Andheri East, Mumbai – 400093, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	12.08.2008
Com. Reg. No.:	11-185753
Capital Investment / Paid-up Capital :	Rs.149.961 Millions
CIN No.: [Company Identification No.]	U51900MH2008PTC185753
PAN No.: [Permanent Account No.]	AAMCS2867C
Legal Form :	Private Limited Liability Company
Line of Business :	The Company is engaged primarily in the business of Antivibration Systems Parts for Automobiles.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (41)

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

Maximum Credit Limit :	USD 830000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. Reserve level of the company is low however, general financial position of the company is normal and acceptable for business dealings. Trade relations are reported as fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered normal 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

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = BBB-
Rating Explanation	Moderate degree of safety. It carry moderate credit risk.
Date	11.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating =A3
Rating Explanation	Moderate degree of safety. It carry higher credit risk.
Date	11.06.2014

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 DENIED

Unable to contact the company (Tel No. 91-22-26870360 Constantly Ringing)

LOCATIONS

Registered Office :	Reg 77, Mistry Industrial Complex, MIDC XA Road, Andheri East, Mumbai – 400093, Maharashtra, India
Tel. No.:	91-22-26870360
Fax No.:	Not Available
E-Mail :	vijaysujan@gmail.com
Factory 1 :	Building No. 1, Plot No. 1 and 2, Behind Blue Chip Industrial Estate, Village Waliv, Sativali Udyog Naagr, Vasai East, Thane – 401208, Maharashtra, India
Factory 2 :	Located At Pune, Maharashtra, India

DIRECTORS

As on 03.09.2013

Name :

Mr. Neel Rewachand Sujan

Designation :

Director

Address :

802/902, Ruchita Tower, Juhu Versova Link Road, Andheri West, Mumbai - 400053, Maharashtra, India

Date of Appointment :

12.08.2008

DIN No.:

01424276

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Managing director	07/09/1996	07/09/1996	-	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO
3	U70102MH2007PTC167360	SUJAN REALTORS PRIVATE LIMITED	Director	29/01/2007	29/01/2007	-	Active	NO
4	U51900MH2008PTC185753	SUJAN COOPER STANDARD AVS PRIVATE LIMITED	Director	12/08/2008	12/08/2008	-	Active	NO
5	U25190MH2014PTC256303	POLYRUB PLASTICS PRIVATE LIMITED	Director	22/07/2014	22/07/2014	-	Active	NO

Name :

Mr. Ashok Sujan Rewachand

Designation :

Director

Address :

1701, Green Acres, Lokhadwala Complex, Andher (West), Mumbai - 400058, Maharashtra, India

Date of Appointment :

28.07.201

DIN No.:

01424203

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	U25110MH1995PTC084554	MEGA RUBBER TECHNOLOGIES PRIVATE LIMITED	Director	04/07/1997	04/07/1997	-	Active	NO
2	U25190MH1994PTC079883	MAGNUM ELASTOMERS PRIVATE LIMITED	Director	09/10/2004	09/10/2004	-	Active	NO
3	U25110MH2005PTC156873	POLYRUB EXTRUSIONS (INDIA) PRIVATE LIMITED	Director	19/10/2005	19/10/2005	-	Active	NO
4	U51900MH2008PTC185753	SUJAN COOPER STANDARD AVS PRIVATE LIMITED	Director	28/07/2011	26/08/2008	-	Active	NO

Name :

Mr. Sylvain Gabriel Broux

Designation :

Director

Address :

37, Rue De La Vignonnerie, St Leger Des Vignes, 58300, France

Date of Appointment :

28.07.2011

DIN No.:

03580319

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	U51900MH2008PTC185753	SUJAN COOPER STANDARD AVS PRIVATE LIMITED	Director	28/07/2011	22/06/2011	-	Active	NO

MAJOR SHAREHOLDERS

As on 03.09.2013

Names of Shareholders	No. of Shares	% of Holding
Magnum Elastomers Private Limited, India	7498058	50.00
Cooper Standard France	7498058	50.00
Total	14996116	100.00

Equity Share Break up (Percentage of Total Equity)

As on 03.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company is engaged primarily in the business of Antivibration Systems Parts for Automobiles.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

State Bank of India, Plot No. B-1, MIDC Industrial Area, Central Road, Andheri (East), Mumbai - 400093, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Rupee term loans from banks	1.876	14.281
Loans taken for fixed assets	2.883	0.000
Total	4.759	14.281

Banking Relations :	--
Auditors :
Name :	Rohira Mehta and Associates Chartered Accountants
Address :	B 202, Grand Belle Vista, Near Jari Mari Temple, S V Road, Bandra West, Mumbai – 400050, Maharashtra, India
PAN No.:	AAIPR8005L
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	· Cooper Standard France · Magnum Elastomers Private Limited CIN No.: U25190MH1994PTC079883 · Mega Rubber Technologies Private Limited CIN No.: U25110MH1995PTC084554 · Polyrub Extrusions (India) Private Limited CIN No.: U25110MH2005PTC156873 · Sujan Industries · Tee Vee Tools Engg Industries

CAPITAL STRUCTURE

As on 03.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
14996116	Equity Shares	Rs.10/- each	Rs.149.961 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	149.961	138.915	130.000
(b) Reserves & Surplus	57.528	11.194	(29.034)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	26.264	24.093
Total Shareholders’ Funds (1) + (2)	207.489	176.373	125.059
(3) Non-Current Liabilities
(a) long-term borrowings	69.679	15.131	12.267
(b) Deferred tax liabilities (Net)	4.463	0.000	0.000
(c) Other long term liabilities	0.796	0.818	3.683
(d) long-term provisions	0.926	0.166	0.421
Total Non-current Liabilities (3)	75.864	16.115	16.371
(4) Current Liabilities
(a) Short term borrowings	27.520	39.704	34.710
(b) Trade payables	127.482	103.679	74.678
(c) Other current liabilities	49.394	140.022	39.461
(d) Short-term provisions	12.877	18.766	13.674
Total Current Liabilities (4)	217.273	302.171	162.523
TOTAL	500.626	494.659	303.953
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	157.402	133.946	92.702
(ii) Intangible Assets	72.229	94.984	24.984
(iii) Capital work-in-progress	2.030	0.068	0.078
(iv) Intangible assets under development	3.724	3.724	13.194
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	11.640	12.736
(d) Long-term Loan and Advances	4.632	7.617	6.966
(e) Other Non-current assets	1.118	1.915	5.692
Total Non-Current Assets	241.135	253.894	156.352
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	48.378	43.952	20.461
(c) Trade receivables	197.306	167.427	114.702
(d) Cash and cash equivalents	(1.676)	3.875	1.382
(e) Short-term loans and advances	12.642	23.791	9.090
(f) Other current assets	2.841	1.720	1.966
Total Current Assets	259.491	240.765	147.601
TOTAL	500.626	494.659	303.953

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	815.151	519.310	369.449
		Other Income	NA	NA	NA
		TOTAL (A)	NA	NA	NA
Less	EXPENSES
		TOTAL (B)	NA	NA	NA
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		97.376	57.633	13.872
Less	FINANCIAL EXPENSES (D)		9.707	9.193	1.794
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		87.669	48.440	12.078
Less	DEPRECIATION/ AMORTISATION (F)		51.041	30.783	8.269
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		36.628	17.657	3.809
Less	TAX (H)		23.433	4.340	1.187
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		13.195	13.317	2.622
	OPENING LIABILITY OF GRATUITY		0.000	(0.165)	0.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(15.552)	(29.034)	(31.656)
	BALANCE CARRIED TO THE B/S		(2.357)	(15.552)	(29.034)
	Earnings Per Share (Rs.)		0.88	NA	NA

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PBT/Sales)	(%)	4.49	3.40	1.03
Return on Total Assets (PBT/Total Assets}	(%)	7.40	3.68	1.37
Return on Investment (ROI) (PBT/Networth)		0.18	0.10	0.03
Debt Equity Ratio (Total Debt /Networth)		0.47	0.31	0.38
Current Ratio (Current Asset/Current Liability)		1.19	0.80	0.91

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	130.000	138.915	149.961
Reserves & Surplus	(29.034)	11.194	57.528
Share Application money pending allotment	24.093	26.264	0.000
Net worth	125.059	176.373	207.489
long-term borrowings	12.267	15.131	69.679
Short term borrowings	34.710	39.704	27.520
Total borrowings	46.977	54.835	97.199
Debt/Equity ratio	0.376	0.311	0.468

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	369.449	519.310	815.151
		40.563	56.968

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	369.449	519.310	815.151
Profit	2.622	13.317	13.195
	0.71%	2.56%	1.62%

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

UNSECURED LOANS:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Other external commercial borrowings	31.710	0.000
Loans and advances from related parties	33.210	0.850
Short Term Borrowings
Working capital loans from banks	27.520	39.704
Total	92.440	40.554

BACKGROUND AND NATURE OF OPERATIONS

The Company is a Company domiciled in India and incorporated under the provisions of the Companies Act, 1956 as on August 12, 2008 as a private limited company. The Company is engaged primarily in the business of Antivibration Systems Parts for Automobiles. The Company is engaged primarily in the business of Antivibration Systems Parts for Automobiles.

REVIEW OF OPERATIONS

The director’s report with reasonable satisfaction that the company was able to post a turnover of Rs.815.151 Millions in its fourth full year of operations, which compared with a turnover of Rs.519.310 Millions in the previous year represents a 56.96 % growth.

FUTURE OUTLOOK

India has started getting the worst feared impact on its economy significantly from the month of June 2013. The Indian Rupee has been tumbling at an unprecedented rate falling from a level of Rs.56.50 = 1 USD as at end May 2013 to a level of Rs.65.70 = 1 USD at end August 2013. The scenario of falling Indian Rupee coupled with sub optimal GDP growth, rising inflation and uncertainty on the success of reforms process is affecting the progress on the Foreign Direct Investment (FDI) front as also the general sentiments in the Indian Stock market all of which is contributing to a gloomy outlook in the short run. It is going to be a demanding tight rope walk but the company has the capability to do it and come out successfully. This problem phase in the short run is expected to last a maximum of 1 year and all efforts are being taken to control fixed costs and strengthen efficiency of operations thereby ensuring that the bottom lines are not affected beyond manageable levels.

However, the medium term outlook over a five year time frame for domestic demand of automobiles is positive. Leading OEMs have large investment plans, for instance Mahindra is planning to make investments of 2 Billion USD in the next 3 years; Ford has announced its plants to create a small car hub in India; Renault Nissan is planning to create extra capacity for small car business by making investments of around 1 Billion USD and Maruti is also having plans to set up a new plant. All these additional capacity creations by our customers are opportunities for the company.

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10272468	05/03/2013 *	125,000,000.00	State Bank of India	Plot No. B-1, MIDC Industrial Area, Central Road, Andheri (East), Mumbai, Maharashtra - 400093, India	B73684458

*Date of modification Charges

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.60.14
UK Pound	1	Rs.102.22
Euro	1	Rs.81.02

INFORMATION DETAILS

Information Gathered by :	PDT
Analysis Done by :	DIV
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	3
--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		41

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.